Market Outlook™ – 02/11/19
With very light trading volume and a small trading range, the S&P 500® rose almost two points. The intermediate posture remains strongly bullish, despite its slight decline, with rising long-term Market Sentiment. The near-term line bounced from a bullish near-term low (low between the 20th and 50th percentiles that corresponds to a higher low on the index itself) but has not reached the upper-reversal zone yet to solidify a new bullish near-term high. Also, the momentum line rallied but the small trading range kept the short-term line in the chart’s lower half. All the major indexes’ Market Forecast charts appear similar to one another with the Dow showing more bearish short-term sentiment and the Russell 2000® showing a more bullish near-term line position.