Market Outlook™ – 02/08/19
Today, the S&P 500® closed almost two points higher with below-average trading volume. In fact, this was the first week since the Christmas Eve low where volumes and trading ranges for the week hit low levels compared to their respective 52-week ranges. The intermediate posture remains strongly bullish but the near-term line has pulled back and may be setting up for a bullish near-term low (low between the 20th and 50th percentiles that correspond to a higher low on the index itself). The momentum line was hitting extreme lows earlier today at the lows but the afternoon rally brought it back out of oversold territory. Long-term Market Sentiment is picking up steam and is heading towards the chart’s upper half. As usual, all the major indexes’ Market Forecast charts appear similar to one another.