Market Outlook™ – 10/14/19
Today’s Market Outlook:
With light trading volume and minuscule trading range, the S&P 500® closed lower by four points. The intermediate line continues to creep slowly towards the chart’s midpoint. The intermediate line has crossed into the chart’s upper half for the Dow Jones Industrial Average but not yet for the NASDAQ Composite. The Russell 2000® still shows a strong bearish posture. The S&P’s Market Sentiment is turning higher suggesting this pullback may avoid producing a new Market Sentiment low (low below the 50th percentile). The momentum line dropped to another extreme low – the third of this pullback. Also, the near-term line turned lower without breaching overbought territory despite the S&P forming a higher corresponding near-term high.