Market Outlook – 05/21/18 – David Settle
the S&P 500® rallied more than 20 points on low volume. The intermediate posture remains strongly bullish. Short-term sentiment improved with the momentum line spiking from oversold territory to overbought territory. Also, the near-term line moved higher but did not get above the chart’s midpoint yet. The large-cap index appears likely to start a new 1-2 week bullish run with the intermediate line now above the 50th percentile for multiple weeks. The Dow Jones Industrial Average’s near-term line moved into the chart’s upper half. The Russell 2000® shows the most bullish short-term pattern as the small-cap index hits new all-time highs day after day.
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