Market Outlook™ – 08/28/20
Today’s Market Outlook:
The S&P 500® finished a week with five straight opening gaps and five straight all-time highs. As a result, the intermediate and long-term Market Sentiment lines both stayed in the upper-reversal zone. Also, the near-term line maintained its overbought position, which helps support the bullish trend. The slow grind higher has kept the momentum line flat near the chart’s midpoint. Despite its underperformance, the Russell 2000® came the closest among the major indexes to producing an overbought cluster. All four of its Market Forecast lines are rising.