Market Outlook™ – 11/15/19
Today’s Market Outlook:
On the 27th straight session of the near-term line finishing above the chart’s midpoint, the S&P 500® closed nearly 24 points on above-average trading range and volume. In fact, the S&P formed an overbought cluster with today’s strong move that following a significant opening gap. The intermediate posture remains strongly bullish with rising Market Sentiment that’s getting increasingly closer to the upper-reversal zone. Today’s above-average move is also significant coming after nearly a week of extremely small trading ranges. The Dow Jones Industrial Average and NASDAQ Composite came close to producing the same overbought pattern along with their respective new all-time highs. On the other hand, the Russell 2000® is now getting closer to its 52-week high but remains well below its August 2018 all-time high. Its short-term sentiment jumped back above the chart’s midpoint after a week of near-term pullback – that, again, still hasn’t occurred on the S&P in over five weeks.