Market Outlook™ – 02/24/20
Today’s Market Outlook:
Today, the S&P 500® fell more than 111 points on extreme levels of volume and trading range. The intermediate posture is weakly bearish but short-term sentiment hit strongly oversold levels. The near-term line fell to its lowest level since the bullish intermediate run began, which suggests there’s a good chance that run is over and the bearish intermediate pullback has itself begun. The Russell 2000® shows a more bearish pattern on its Market Forecast study. Its Market Sentiment is falling alongside its intermediate line with both short-term lines sitting in the lower-reversal zone. The Dow Jones Industrial has dropped more than 38% of its prior intermediate run. Its momentum line hit an extreme low and intermediate line is closest to crossing below the chart’s midpoint.