Market Outlook™ – 06/29/20
Today’s Market Outlook:
Today, the S&P 500® rallied more than 44 points on slightly below-average trading volume in a smaller range. The intermediate line continued to drop below the still rising long-term Market Sentiment. The momentum line bounced up from its extreme low. And, the near-term line also turned higher but both short-term lines remains in the chart’s lower half. The NASDAQ 100® still shows a strong bullish intermediate posture but that may only be the case for another session. The Russell 2000® has the weakest Market Sentiment level of the major indexes and the strongest short-term sentiment – which suggests today’s move higher may have only been an oversold technical bounce.