Market Outlook™ – 11/01/19
Today’s Market Outlook:
Today, the S&P 500® closed nearly 30 points higher for a new all-time closing high on above-average trading volume and range. The intermediate posture is strongly bullish with rising long-term Market Sentiment. The Russell 2000® shows the same pattern on its chart with its Market Sentiment crossing the chart’s midpoint today. The major indexes are showing the same pattern on their respective weekly and monthly Market Forecast charts. The near-term line has been above the 50th percentile on the S&P for 17 days, which is far longer than the norm. And, today’s close produced an extreme high on the momentum line. This combination suggests there may be a near-term pullback next week to retrace some of the past 3 weeks’ gains.