Market Outlook™ – 05/10/19
The S&P 500® closed the week with a 10-point gain after rising as much as 66 points off its intraday low. The intraday rally brought the momentum and near-term lines higher into the chart’s upper half. Neither short-term sentiment line finished in oversold territory during their recent declines – despite being close to extreme lows at the intraday lows both days. Long-term Market Sentiment is falling and is close to crossing below the 80th percentile. The Dow Jones Industrial Average’s intermediate line has crossed below the chart’s midpoint, which reflects the process of a new intermediate low point has started. The Market Forecast charts for the NASDAQ Composite and Russell 2000 appear similar to each other: weak bearish posture with weak bounce in short-term sentiment.