Market Outlook™ – 10/02/19
Today’s Market Outlook:
Today, the S&P 500® fell over 52 points on strong trading volume for its worst two-day performance in months. In fact, it’s the only time ever the S&P has started the fourth quarter with two consecutive 1% or more down days. The intermediate posture remains weakly bearish with weak falling long-term Market Sentiment. Short-term sentiment hit bearish levels with an extreme low on the momentum line and oversold near-term line. This pattern suggests more downside potential for the S&P at it sits at an important support level. The Russell 2000®, which has been lagging for most of the year, already shows a strong bearish posture with its intermediate line dropping below 50 and its six-week moving average moving to the downside.