Market Outlook™ – 02/19/20
Today’s Market Outlook:
With light volume and a smaller-than-average trading range, the S&P 500® closed nearly 16 points higher for its 9th gain in the past 12 trading sessions. In that time, the S&P has rallied more than 160 points, or nearly 5% off its January 31 lows. Not surprisingly, the intermediate posture and long-term Market Sentiment remain strongly bullish. The near-term line finished in the upper half of the chart for the 11th straight day. However, the Russell 2000® shows a weaker bullish posture with falling Market Sentiment and a near-term line that is bouncing from below the 50th percentile to just above it. This reflects that risk appetite may not be nearly as bullish as the S&P suggests.