Market Outlook™ – 07/27/20
Today’s Market Outlook:
With extremely light trading volume and range, the S&P 500® broke a rare two-day losing streak with today’s 23-point gain. The intermediate posture remains strongly bullish with rising long-term Market Sentiment that is another day or two away from also entering the upper-reversal zone. Short-term sentiment improved with stocks bouncing off their bullish intermediate confirmation signals from Friday on the S&P, Dow Jones Industrial Average and Russell 2000®. The intermediate line for the small-cap index crossed above the 80th percentile as it continues to move above its Market Sentiment. On the other hand, the NASDAQ 100®’s intermediate line still trades below its long-term line despite today’s outperformance.