Market Outlook™ – 03/13/19
Today, with strong volume and above-average trading range, the S&P 500® closed higher for a third straight day after last week’s 5-session streak of declines. The intermediate posture changed to bullish again as the S&P approaches its high of the current rally off the Christmas Eve low. The near-term line is entrenched in the upper-reversal zone, which supports the current posture. The momentum line dropped due to the upper shadow on today’s candle. But, it did not drop to levels that would suggest a posture reversal is imminent. Long-term Market Sentiment still points to the upside. Due to Boeing’s influence, the Dow Jones Industrial Average still shows a weak bearish posture. Its short-term sentiment is not nearly as bullish with the blue chip index still well off the rally’s high. The NASDAQ and Russell have similar Market Forecast patterns with the small-cap index showing relative weakness compared to its large-cap counterparts.