Market Outlook – 04/09/18 – David Settle
The intermediate line for the S&P 500® turned slightly higher despite today’s late selling. But, the bearish close pressured short-term sentiment and kept the momentum line and brought the near-term line below the chart’s midpoint. Market Sentiment stills points lower, which suggests stocks’ path of least resistance remains to the downside. The near-term line is setting up for a possible bullish low (low between the 20th and 50th percentiles that corresponds to a higher low on the index itself). This possibility comes after the near-term line peaked in the upper-reversal zone and the S&P broke above the downward-sloping trendline of its last bearish near-term run. All the major indexes are showing similar patterns on their respective Market Forecast studies.
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