Market Outlook – 09/06/19
Today’s Market Outlook:
With below-average trading volume and small trading range (an inside day completely inside of yesterday’s small post-gap range), the S&P 500® closed nearly three points higher. The intermediate posture is bullish and gaining strength into the upper half of its chart. Long-term Market Sentiment still points lower but also sits in the chart’s upper half. The near-term line confirms the bullish posture with its position in the upper-reversal zone. The momentum line dropped into oversold territory and produced a bullish intermediate confirmation signal – albeit, a weak one. While the Dow and NASDAQ shows similar patterns, the Russell 2000® shows a bearish pattern on its Market Forecast study with a weak bullish posture while trading slightly above a falling six-week moving average. Intermediate trends haven’t lasted as long when the small-cap index lags behind its large-cap counterparts in forming the bullish signal on its Market Forecast.