Market Outlook™ – 09/11/20
Today’s Market Outlook:
On a sixth straight day of above-average volume and trading range, the S&P 500® closed more than one points higher to close out a volatile week. Not surprisingly, the momentum and near-term lines stayed low – the near-term line finished slightly into oversold territory again but the momentum line bounced out of it. The intermediate line has dropped below the 50th percentile but is not yet accompanied by a falling six-week moving average. Market Sentiment remains in the upper-reversal zone and reflects a persistent, strong long-term trend. All the major indexes are showing similar patterns on their respective Market Forecast charts.