Market Outlook – 08/24/18
The S&P 500® reached new all-time highs today on below-average trading volume and trading. The near-term line bounced up and crossed into the chart’s upper half again after forming a bullish near-term low (low between the 20th and 50th percentiles that correspond to a higher low on the index itself). The intermediate posture remains strongly bullish and long-term Market Sentiment continues to point higher and sits at high levels. The momentum line spiked to high levels to support this new bullish near-term move. The Dow Jones Industrial Average continues to lag and shows less bullish short-term sentiment on its Market Forecast study. The NASDAQ’s intermediate line climbed into the chart’s upper-reversal zone again. It’s near-term line has been above the 50th percentile for six straight sessions. Finally, the Russell 2000® maintains a strong bullish intermediate trend and short-term sentiment.