Market Outlook™ – 11/16/18
On slightly above-average trading volume, the S&P 500® finished the week with a 6-point gain and closed slightly above yesterday’s high. Short-term sentiment improved with the momentum and near-term lines approaching the upper-reversal zone. However, the near-term bounce is not strong enough yet to change the intermediate posture to bullish. Long-term Market Sentiment also still points to the downside. As long the form higher near-term highs and/or lows, then the bearish trends will be temporary. All the major indexes shows a similar pattern on their respective Market Forecast charts: weak bearish postures with improved short-term sentiment coming off higher near-term lows and long lower shadows appearing on their weekly candles.