Market Outlook – 09/13/19
Today’s Market Outlook:
With light volume, the S&P 500® broke its winning streak with a small 2-point loss. Nevertheless, the intermediate posture remains strongly bullish with the intermediate line reaching the upper-reversal zone. Long-term Market Sentiment hasn’t turned higher yet but the intermediate line has crossed above it. This pattern suggests the long-term line can turn higher soon. The momentum line dropped into oversold territory and produced a bullish intermediate confirmation signal. But, the near-term line is still easily in the upper half of the chart – for 12 days now. This suggests any short-term bounce may be temporary as the near-term line looks to pull below the chart’s midpoint some time next week.