Market Outlook™ – 01/13/20
Today’s Market Outlook:
Today, the S&P 500® rallied more than 23 points to more than recover Friday’s losses and finish at another all-time closing high. Of course, the intermediate posture and long-term Market Sentiment remain strongly bullish still. The near-term line moved slightly higher back into overbought territory for its seventh day on its current near-term run. Not surprisingly, the momentum line also bounced higher back into the chart’s upper half. The Market Forecast patterns appear similar on all the major U.S. equity averages, including the Russell 2000® where its intermediate turned higher again and re-entered the upper reversal zone and the near-term line formed a potential bullish near-term low (low between the 20th and 50th percentiles that correspond to a higher low on the chart itself).