Market Outlook™ – 09/23/19
Today’s Market Outlook:
Today, the S&P 500® closed with a minimal loss on below-average trading volume and range. The intermediate posture remains strongly bullish with weak bearish long-term Market Sentiment. The near term line spent another day in the chart’s lower half but did not drop into the lower-reversal zone. The oversold momentum line made a slight jump higher to go from just inside oversold territory to just outside of it. In other words, the S&P is still for the most part producing a similar pattern to Friday’s bullish intermediate confirmation signal. The Russell 2000® shows a similar short-term sentiment. Its intermediate line is closest of all the major indexes to dropping below the 80th percentile.