Market Outlook – 04/11/18 – David Settle
The intermediate line for the S&P 500 turned sideways with today’s inside day. The momentum line fell as stocks slid from their intraday highs late in the trading session. On the other hand, the near-term line continued to climb higher. The still has not broken through significant resistance in the short term near current levels. But, there’s stronger support to the downside, which suggests if you were to bank on a breakout one way or the other, it would be to the upside. Another positive factor for stocks is that the Russell 2000® is showing a more bullish pattern on its study. Its near-term line breached the upper-reversal zone and its intermediate line is showing stronger gains than its large-cap counterparts. Also, the small-cap index has broke some some weaker areas of resistance already with more left to go before sentiment can turn strongly bullish – which is more than can be said right now for the S&P and Dow.
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