Market Outlook – 06/12/19
Today’s Market Outlook:
Today, with extremely light trading volume and small trading range, the S&P 500® fell nearly six points. The momentum line stayed in oversold territory – but not at extreme levels that would suggests the new bullish trend may reverse. As we expected, the near-term line has dropped below the chart’s midpoint and is setting up for a new bullish near-term low (low between the 20th and 50th percentiles that correspond to a higher low on the chart itself). The intermediate line is close to crossing back above the falling Market Sentiment line. As usual, all the major indexes’ Market Forecast charts appear similar to one another. The Russell 2000® shows a weak bullish posture as the small-cap index still trades below its falling six-week moving average.