Market Outlook™ – 06/26/20
Today’s Market Outlook:
With slightly above-average trading volume and range, the S&P 500® closed lower by nearly 75 points for its second loss of more than two percent in the past three trading sessions. Its falling intermediate line has fallen below its still rising long-term Market Sentiment line – but, maintains its position in the upper half of the chart above the 60th percentile. Its momentum line dropped to extreme lows and its near-term line is making another run towards the lower-reversal zone with its third day sitting below the chart’s midpoint. The Market Forecast for the Russell 2000® looks very similar to the S&P’s study. However, the NASDAQ 100® still shows a much stronger bullish pattern. Its intermediate and Market Sentiment lines are both still in the upper-reversal zone. Despite an extreme low on its momentum line, the NASDAQ is coming down from a bullish near-term high and is forming a potential bullish near-term low.