Market Outlook™ – 10/07/19
Today’s Market Outlook:
With below-average trading range and volume, the S&P 500® closed down by more than 13 points. The intermediate line turned down below the chart’s midpoint and now reflects a strong bearish intermediate posture. The near-term line moved higher into the upper-reversal zone, which is a good sign that suggests this bearish posture may only be temporary. The momentum line fell and dipped slightly into oversold territory. The underperforming Russell 2000® shows a much stronger bearish posture than the S&P. But, its near-term line also moved back above the 80th percentile. A strong stay inside the upper-reversal zone would help move the intermediate line higher. The small-cap index is showing a strong bearish intermediate posture along with falling long-term Market Sentiment that is also below the chart’s midpoint already.