Market Outlook – 08/14/19
Today’s Market Outlook:
With above-average trading range and volume, the S&P 500® closed nearly 86 points lower – four points lower than where we closed last Monday. Not surprisingly, the intermediate line turned lower again already below the chart’s midpoint. This is a bearish combination with being below a falling 6-week moving average. Market Sentiment has also turned lower but still sits at a higher level – similar to the May-June decline. The momentum line hit extreme lows but the near-term line is sitting well above the 20th percentile. This short-term sentiment pattern sets up the possibility for a bullish near-term divergence. As is usually the case during declines, all the major indexes are showing similar patterns on their respective Market Forecast charts.