Market Outlook™ – 07/22/20
Today’s Market Outlook:
Today, the S&P 500® closed nearly 20 points higher with very light trading volume and small range. The intermediate posture remains strongly bullish with rising long-term Market Sentiment. The near-term stayed positioned in the upper-reversal zone, which confirms the current posture. The momentum line showed oversold conditions earlier but today’s rally off intraday lows helped it finish the near the chart’s midpoint. The intermediate lines for the Dow Jones Industrial Average and Russell 2000® are close to crossing above their respective Market Sentiment lines. On the other hand, the intermediate line for the NASDAQ 100® still sits slightly below its Market Sentiment line – though the long-term line is the highest among the major indexes as it sits in the upper-reversal zone.