Market Outlook™ – 10/04/19
Today’s Market Outlook:
With above-average trading range and volume, the S&P 500® closed more than 41 points higher – more than 96 points off yesterday’s early intraday low. The intermediate posture remains weakly bearish with falling Market Sentiment. The short-term sentiment lines moved higher into the chart’s upper half above its intermediate line. On its weekly chart, the intermediate posture is still strongly bullish and the near-term line just crossed below the chart’s midpoint and is setting up for a bullish near-term low in the next week or two. The Russell 2000® shows a strong bearish intermediate posture with a falling moving average. Its short-term sentiment improved – but not the same degree as its large-cap counterparts. Its weekly chart is also setting up the possibility for a bullish near-term low as well that would help its intermediate line make its way above the chart’s midpoint. For a trend to establish itself, small-cap stocks need to catch up.