Market Outlook™ – 06/24/20
Today’s Market Outlook:
With above-average trading volume and range, the S&P 500® closed lower by more than 80 points for its biggest decline since June 11. Its intermediate posture is weakly bearish but still sits above its rising long-term Market Sentiment. The momentum line fell to oversold levels again as the near-term line formed another bearish near-term high (high between the 50th and 80th percentiles that corresponds to a lower high on the index itself). All the major indexes are showing the same pattern – except the NASDAQ Composite, which is showing a bullish intermediate confirmation signal (strong bullish posture with oversold momentum line and possibility for a bullish near-term low).