Market Outlook – 05/07/18 – David Settle
Today, the S&P 500® finished higher for a second straight day – this time by more than nine points on very low trading volume. The intermediate posture is bullish and the intermediate line has crossed above the 50th percentile approaching its previous peak in April. The near-term line followed up on the momentum line spike from Friday by closing in the upper-reversal zone tonight. Both short-term patterns help confirm the current bullish posture. Market Sentiment remains in the lower half of its chart. This pattern sets up the possibility of a longer intermediate run. The Russell 2000® has a stronger intermediate posture (its line almost hit the 70th percentile today) but its short-term sentiment is weaker as the small-cap index hit a downward-sloping resistance line.
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