Market Outlook™ – 01/28/19
With below-average trading range and volume, the S&P 500® closed almost 21 points lower for its first loss since last Monday. The intermediate posture remains strongly bullish with rising long-term Market Sentiment. The near-term and momentum lines fell but neither dropped to levels that would indicate a bearish posture starting soon. The near-term line is setting up for a possible bearish near-term high (high between the 50th and 80th percentiles that correspond to a lower high on the index itself). All the major indexes are showing a similar Market Forecast pattern: strong bullish posture with slowing short-term sentiment.