Market Outlook – 06/21/19
Today’s Market Outlook:
The S&P 500® finished the week with a small move on average trading volume. Ultimately, the large-cap index finished with its first loss of the week falling nearly four points. Not surprisingly, the momentum and near-term lines dropped. But, neither dropped to levels that would concern bulls. In fact, the near-term line remained in the upper-reversal zone and has now closed above the 50th percentile for six sessions. The intermediate line climbed above the 90th percentile as expected after its May 31st low point. Market Sentiment is slowly starting to turn higher with the intermediate posture maintaining its strong bullish posture. All the major indexes show a similar pattern: strong bullish posture with slight pullback in short-term sentiment. The NASDAQ Composite and Russell 2000® produced bullish intermediate confirmation signals: bullish posture with oversold momentum lines.