Market Outlook – 09/03/19
Today’s Market Outlook:
With below-average trading volume, the S&P 500® fell more than 20 points to start to fill in the gap from last Thursday’s open to the upside. The intermediate line still points higher but its lower position reflects a weak posture. Long-term Market Sentiment still points lower but still is not threatening a move into the chart’s lower half. The near-term line came closer to the chart’s midpoint after spending only four sessions above the 50th percentile. The S&P has been unable to sustain a bullish near-term run long enough to get a new intermediate run started. The momentum line fell to oversold levels and, by definition, produced a bullish intermediate confirmation signal. This signal is about as weak as it can be with the intermediate line still below 50 and the near-term line not below 50 yet. The other major indexes show similar patterns with the Russell 2000® still mired in a strong bearish posture due to its oversold intermediate line.