Market Outlook – 04/19/18 – Brandon Van Zee
The S&P 500® ended its three day win streak by closing down 0.57% today. Despite the pullback, the intermediate posture remains strongly bullish. The Market Sentiment line is also bullish. The Russell 2000® does have a slight bearish near-term divergence and today’s candle appears to be a hanging man at a resistance area, suggesting there may be some short term weakness despite its bullish intermediate term posture. From an individual stock perspective, Philip Morris had its worst day in a decade, closing down by 15.58% off of a poorly received earnings report, which put pressure on the entire Consumer Staples sector.
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