Market Outlook – 05/14/18 – Brandon Van Zee
Today, the S&P 500® rose by 0.09%. While it was good to see another positive move, stocks did close near their session lows, suggesting it may be time for a little cooling off period after a nice run higher over the last couple of weeks. The intermediate posture remains strongly bullish and is in the upper reversal zone. Meanwhile, the momentum line fell into the lower reversal zone. The combination of those two things creates a bullish intermediate confirmation signal. Unlike other indices, the Russell 2000® fell today by 0.40% despite touching a new 3 month high earlier in the session. Energy stocks continue to be a leading sector, both today and over recent weeks. Oil prices climbed again and the charts of midstream energy Master Limited Partnerships are starting to firm up.
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