Market Outlook – 06/11/18 – David Settle
Today, the S&P 500® closed higher by less than one point on slightly below-average trading volume – despite a late-session pullback. In fact, the late selling caused the near-term and momentum lines to decline slightly. The intermediate line stayed strongly bullish with its position in the upper-reversal zone. In fact, the near-term line remained overbought too and has been above the chart’s midpoint for nine straight sessions. Market Sentiment continues to point higher. All the major indexes have similar Market Forecast charts relative to each other. The near-term line for both the NASDAQ Composite and Russell 2000 turned slightly higher but they had started the day in a weaker bullish position than their large-cap counterparts.
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