Market Outlook™ – 04/11/19
With extremely light trading volume and range, the S&P 500® stayed inside a tight, five-day 20-point trading range with today’s 0.11-point gain. Despite the slow, steady sideways action, the S&P maintains a strong bullish intermediate posture and long-term Market Sentiment. The near-term line bounced back above the chart’s midpoint and looks ready to start a new near-term run. The momentum line fell but not to extreme lows. The Russell 2000 shows a stronger short-term sentiment due to yesterday’s strong bullish reversal of Tuesday’s bullish intermediate confirmation signal. On the other hand, the Dow Jones Industrial Average is showing a much weaker short-term bullish sentiment with both short-term lines just barely bouncing above the 20th percentile. Of course, the NASDAQ Composite remains strong but is showing signs of a developing bearish near-term divergence.