Market Outlook – 09/09/19
Today’s Market Outlook:
On another day of below-average trading volume, the S&P 500® finished less than one point lower. The momentum line stayed in oversold territory and the near-term line pulled down out of the upper-reversal zone. Despite the slight pullback in short-term sentiment, the bullish intermediate posture continues to strengthen. In fact, the intermediate line is close to crossing above the falling Market Sentiment line. The other major indexes show similar patterns on their respective Market Forecast charts – except the Russell 2000®. The small-cap index has the weakest bullish posture and its rising near-term line still hasn’t breached overbought territory. Also, the near-term line is setting up for a bearish divergence from the previous week’s high point.