Market Outlook™ – 01/24/20
Today’s Market Outlook:
With strong volume and a bigger-than-average trading range, the S&P 500® fell 30 points to close with its biggest loss since December 3. Despite the bearish engulfing pattern, the intermediate posture and long-term Market Sentiment remain strongly bullish. The late intraday bounce kept the momentum line from falling to extreme lows. Also, the near-term line stayed below the chart’s midpoint for a third straight day but it still easily in position to produce a new bullish near-term low. The Russell 2000® also produced a bullish signal today: a weak bearish intermediate posture with a dip below the small-cap index’s 30-day moving average. This suggests next week may be a slow week but not necessarily a free fall.