Market Outlook™ – 06/03/20
Today’s Market Outlook:
With slightly below-average trading volume and range, the S&P 500® gained 42 points for its fourth straight gain and 11th positive day in the past 14 sessions. The intermediate posture remains strongly bullish with rising long-term Market Sentiment. The near-term line hit its highest level since the recovery began in late March. However, because of another strong opening gap that took up half of today’s gains, the momentum line remains near the chart’s midpoint. The Russell 2000® continues to catch up to its large-cap counterparts.Its near-term line hasn’t broken to new higher highs yet despite the higher high on the small-cap index itself. Also, its long-term Market Sentiment hasn’t crossed above the chart’s midpoint yet but it has, at least, moved above the 40th percentile ending its previous bearishness.