Market Outlook – 09/04/19
Today’s Market Outlook:
With light volume and below-average trading range, the S&P 500® rallied more than 31 points and closed near the top end of its four-week range. The intermediate posture remains weakly bullish but the intermediate line is getting closer to crossing into the chart’s upper half. Long-term Market Sentiment still points lower but is not close to crossing into the chart’s lower half that typically coincides with “death crosses.” The momentum line jumped to extreme highs for the third time during the sideways range. However, the near-term line made only a marginal move to the upside. The short-term sentiment line avoided falling below the 50th percentile and closed above the chart’s midpoint for a fifth straight day.