Market Outlook – 06/24/19
Today’s Market Outlook:
With extremely light trading volume and range, the S&P 500® fell more than five points for its second straight losing session. The intermediate posture remains strongly bullish and long-term Market Sentiment is rolling higher. But, short-term sentiment continued its decline. The near-term line stayed above the 50th percentile for a 7th consecutive session but the momentum line dropped to extreme lows. This can be a red flag for the current bullish trend. Another red flag is the drop of the near-term line for the Russell 2000® deep into the lower-reversal zone. Its intermediate posture remains bullish and the index sits on Fibonacci support. This pattern suggests the high beta index may bounce back from these short-term oversold levels as soon as tomorrow.