Market Outlook™ – 07/29/20
Today’s Market Outlook:
On another low-volume day, the S&P 500® closed exactly 40 points higher. The intermediate posture remains strongly bullish with rising long-term Market Sentiment. The momentum and near-term lines bounced back to the chart’s upper half but neither made it to overbought territory. The intermediate lines for the Dow Jones Industrial Average and NASDAQ 100® both turned lower and reflect a weak bearish posture with the NASDAQ’s intermediate line still sitting below its Market Sentiment. On the other hand, the Russell 2000® is showing relative strength with its intermediate line pushing higher above the 80th percentile.