Market Outlook – 04/16/18 – David Settle
Today, the S&P 500 finished higher by 21 points. Its intermediate posture remains bullish but is weak with the intermediate line’s position still below the 50th percentile. The S&P has been unable to break through multiple layers of resistance near current levels. The near-term stayed in the chart’s upper half but still hasn’t breached the upper-reversal zone on this current near-term run. This is another sign that the current bullish posture is not strong enough to warrant high expectations yet. Market Sentiment appears to be forming a new low – this time below the midpoint, which opens up the possibility of a decent new intermediate run. All the major indexes appear similar to one another with the Russell 2000® showing relative strength compared to its large-cap counterparts.
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