Market Outlook™ – 03/25/20
Today’s Market Outlook:
Today, the S&P 500® had its first two-day winning streak in over a month. Today’s rally gained more than 28 points – despite a 96-point drop from the intraday high. The intermediate posture remains strongly bearish with falling long-term Market Sentiment. The near-term line closed in overbought territory after yesterday’s extreme high on the momentum line. This pattern also comes after yesterday’s opening gap that, so far, hasn’t been filled. All the major indexes are showing similar doji candlestick patterns with the same short-term sentiment pattern on their respective Market Forecast studies. The Market Sentiment line is close to falling below the 20th percentile on the Russell 2000®, which reflects the extreme bearishness of the small-cap index.