Market Outlook™ – 10/18/19
Today’s Market Outlook:
With below average range and trading volume, the S&P 500® closed down nearly 12 points to finish the week up for the week though down from yesterday’s intraweek high. The intermediate posture remains bullish and long-term Market Sentiment is rising. The near-term line pulled back down towards the chart’s midpoint and appears likely to cross below early next week and form a new bullish near-term low (low point between the 20th and 50th percentiles corresponding to a higher low on the S&P). The momentum line is down towards the chart’s lower end but not to extreme levels that would suggest a possible trend change. The Russell 2000® is close to showing the same bullish posture on its intermediate line and remains above its rising six-week moving average. It would be a good sign for risk appetite if small caps were able to start leading the way higher at the start of this intermediate run.