Market Outlook™ – 01/16/20
Today’s Market Outlook:
Today, the S&P 500® rallied another 27 points on slightly below-average trading volume. Not surprisingly, the intermediate posture and long-term Market Sentiment remain strongly bullish. The near-term line also jumped back into the upper-reversal zone – after 11 days in the chart’s upper half. Also, the momentum line turned higher again but did not get to extreme or overbought levels. The intermediate line continues to move sideways in the upper-reversal zone without crossing below the Market Sentiment line. The Russell 2000® has renewed its strong bullish posture after a one-day weak bearish posture last week. Its near-term line also re-entered overbought territory, which confirms and supports the strong bullish intermediate posture. Its intermediate line has also crossed back above its Market Sentiment levels.