Market Outlook – 08/12/19
Today’s Market Outlook:
With average trading volume and range (albeit based on higher averages), the S&P 500® closed more than 35 points lower for its second straight decline. The S&P has lost roughly half of its prior two-day winning streak after hitting its intraday low last Thursday near the open. The intermediate line still points higher and reflects a weak bullish posture. The near-term line pulled back after only a few days above the chart’s midpoint. But, the short-term line is coming down from the upper-reversal zone and sets up the possibility of what would be its first bullish near-term low on any new intermediate run – assuming the intermediate line makes its way back above the chart’s midpoint. The oversold momentum line also sets up a weak bullish intermediate confirmation signal – that suggests stocks could bounce as soon or tomorrow and make another near-term run higher. As usual during pullbacks, all four Market Forecast charts appear similar to one another.