Market Outlook™ – 11/14/19
Today’s Market Outlook:
On another day of light volume and small trading range, the S&P 500® maintained its strong bullish intermediate posture and bullish near-term rally. In fact, the near-term line has stayed above the chart’s midpoint for 26 days now – even with the near-term line for the Russell 2000® finishing BELOW the 50th percentile for a seventh straight session. The NASDAQ Composite has produced two bullish near-term lows during the past 26 days. Also, the Dow Jones Industrial Average formed an extended near-term pullback during the same timeframe. The longer the S&P maintains its slow grind higher without a typical “exhale,” the more likely stocks will have an uncomfortable drawdown – especially for those who just turned bullish.