Market Outlook – 04/25/18 – David Settle
Today, the S&P 500® closed almost five points higher on average trading volume. The broad market formed a second consecutive long lower shadow on its daily candle. As a result, both short-term sentiment lines are rising. The near-term line never did fall into the lower-reversal zone – though it has been in the chart’s lower half for four days now. The intermediate posture has turned bearish, but it’s as bearish now as it was bullish a few days ago when the line was rising as a similar distance away from the 50th percentile. The S&P still can form a higher near-term low with the index trading at the bottom end of its near-term Fibonacci retracement area. The Russell 2000® continues to show a more bullish Market Forecast. Its bearish posture is much weaker and the index itself is holding support at the midpoint of its previous near-term rally.
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