Market Outlook™ – 11/08/19
Today’s Market Outlook:
Today, the S&P 500® closed almost eight points higher with below-average trading range and volume. The intermediate posture has been strongly bullish all week with rising long-term Market Sentiment. The near-term line dipped briefly mid-week but not enough to drop below the chart’s midpoint. As a result, the near-term line has stayed above the 50th percentile for 22 days. The short-term sentiment line did fall briefly on the NASDAQ Composite and for a few days on the Russell 2000. This suggests the near-term pullback may be more coming sooner rather than later since it’s already showing up on different indexes. And, with the S&P’s near-term rally extending for so long, there’s a good chance the next couple of short-term pops may be shorter than normal and extend over the next couple of weeks.