Market Outlook™ – 09/18/20
Today’s Market Outlook:
Today, the S&P 500® finished a down week with a 38-point drop. This move continued to push all four Market Forecast lines lower. The intermediate posture remains bearish but long-term Market Sentiment still finished in the upper-reversal zone – for one more day at least. The momentum and near-term lines finished near the 20th percentile but did not finish at extreme lows due to a late bounce off its intraday lows. In fact, the NASDAQ 100® came closest to producing an oversold cluster at the day’s lows just a couple of weeks after producing an overbought cluster. The Russell 2000® finished the week higher and shows a less bearish Market Forecast as a result. Its rising intermediate line is closest to crossing back above the chart’s midpoint.