Market Outlook™ – 07/24/20
Today’s Market Outlook:
With below-average trading volume and range, the S&P 500® fell 20 points for its second straight loss – the first time with this long of a losing streak since June 11. The intermediate posture remains strongly bullish with rising long-term Market Sentiment. But, short-term sentiment has moved to the lower end of the chart – though neither line dropped far into oversold territory like other major indexes. The NASDAQ 100® continues to show weakness with its intermediate line staying below its Market Sentiment line after producing a bearish near-term high (high between the 50th and 80th percentiles. Also, the Russell 2000® formed a bearish near-term divergence. These patterns suggests there may be a new bearish near-term trend that soon develops into an intermediate pullback.