Market Outlook – 06/08/18 – David Settle
Today, the S&P 500® rallied for its fifth up day in the past six trading sessions on average trading volume – despite a smaller-than-average trading range. The posture remains strongly bullish with the intermediate line approaching the 99th percentile. Also, the near-term line remains in the upper-reversal zone, which supports the bullish trend. The momentum line fell slightly with the smaller range but not enough to raise any red flags that a trend change is forthcoming. Market Sentiment crossed the chart’s midpoint to the upside. This pattern is a good sign that there may be multiple intermediate rallies coming by the end of the year. The Dow Jones Industrial Average shows a similar pattern, albeit with a lower long-term value. The NASDAQ Composite shows short-term weakness with the near-term line falling below the chart’s midpoint. Again, not too concerning since it didn’t drop into oversold territory. The Russell 2000® is also showing near-term weakness.
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