Market Outlook™ – 04/12/19
With average range and trading volume, the S&P 500® finished the week on a high note – closing higher all but one day the past two weeks. The intermediate posture and long-term Market Sentiment remain strongly bullish. The near-term line bounced back into the upper-reversal zone, but sits at risk of a bearish near-term divergence – especially coming after the divergent intermediate low from late March. The momentum line bounced higher but today’s small range kept the broad market index from producing a quadruple overbought cluster. All the major indexes are showing a similar pattern on their respective Market Forecast charts.