Market Outlook™ – 04/17/19
Today, the S&P 500 ® had it’s biggest intraday drop since March 22, but only finished with a six-point loss on below-average trading volume. The range exceeded its extremely low average. Not surprisingly, the momentum and near-term lines fell but neither fell to levels that would suggest a forthcoming bearish posture change – yet. The S&P still has room to fall to last week’s lows based on the bearish near-term divergence its coming down from. The intermediate posture and long-term Market Sentiment remain strongly bullish. As usual, all the major indexes’ Market Forecast charts appear similar to one another: strong trends with short-term weakness but not enough yet to raise any red flags.