Market Outlook – 04/13/18 – David Settle
The intermediate line continues to move slowly higher for the S&P 500® while maintaining its weak position in the Market Forecast chart’s lower half. This pattern reflects the S&P’s difficulty breaking through some short-term resistance near its current levels. The broad market has been closing off its highs most of the week, which has brought the near-term line down again without getting to the reversal zone – another sign of short-term weakness. Long-term Market Sentiment is rolling higher thought it does take time for this long-term line to form its new low point. On a positive note, the Russell 2000® has broken through its equivalent resistance level and has been outperforming its large-cap counterparts. This is a bullish pattern for stocks to come off their long-term lows eventually.
Please LIKE tonight’s Market Outlook video on Twitter and Facebook below:
Join the growing Market Scholars community with this exclusive, limited-time early access discount offer: Become a Market Scholar!