Market Outlook – 05/04/18 – David Settle
Today, the S&P 500® rallied more than 33 points on above-average trading volume. Its intermediate posture turned slightly higher and crossed above the chart’s midpoint, which reflects a renewed bullish posture. The near-term line came out of the chart’s lower half but still has not confirmed this posture change with a peak in the upper-reversal zone. However, the momentum line does give a hint that this bullish trend may stay in tact because of its close above the 90th percentile. The Russell 2000 doesn’t show a stronger short-term sentiment pattern but its intermediate line is already nearing higher percentiles. This is a positive sign for stocks when small caps show a stronger trend than their large-cap counterparts – especially after underperforming for so many months.
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05/04/18 - View today's #MarketOutlook from @Market_Scholars here: https://t.co/qMRR3AfKoE Discussed: $SPY $IWM $GLD $TLT $USO $UUP $BTC $EEM $XLE $XLU $XLP $PG 🐂 #MayThe4thBeWithYou #StarWarsDay #TakeNote— David Settle, CMT (@davidsettle42) May 4, 2018
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