Market Outlook™ – 09/23/20
Today’s Market Outlook:
Today, the S&P 500® fell more than 78 points on above-average trading volume and large trading range. The intermediate posture is strongly bearish and long-term Market Sentiment continues to point lower albeit at high levels. Short-term sentiment is falling again with the momentum line hitting extreme lows and the near-term line coming down from a bearish high. The Russell 2000® is also showing a bearish posture and has caught down to its large-cap counterparts towards its 23% Fibonacci retracement line. That makes all the major indexes showing similar Market Forecast charts now.