Market Outlook – 07/08/19
Today’s Market Outlook:
The S&P 500® started the week with a small loss on little volume and an inside trading range that stayed in the lower half of Friday’s range. The intermediate posture remains strongly bullish with rising long-term Market Sentiment. The near-term line is pulling back and looks to be forming another near-term low – higher than the previous low and still holding the prior near-term high for support. The momentum line dipped slightly below the 20th percentile and created a bullish intermediate confirmation signal. This signal is a short-term “buy the dip”-type pattern and suggests we may get a bounce in the next few days – as early as tomorrow. All the major indexes show a similar pattern on their respective Market Forecast charts.