Market Outlook™ – 04/05/19
The S&P 500® closed higher for a seventh straight session on another day of light trading volume and below-average range. All four lines on the Market Forecast study are pointed higher and came close to finishing with an overbought cluster. The momentum line was the only line that closed below the 80th percentile due to the small range. All the studies appear similar to each with varying degrees of bullishness on its intermediate line. The Dow Jones Industrial Average and Russell 2000® have weaker intermediate postures but the small-cap index showed a more bearish near-term sentiment due to its breakout move.