Market Outlook™ – 11/18/20
Today’s Market Outlook:
Today, the S&P 500® fell more than 41 points with slightly below-average trading volume and range. The intermediate posture remains strongly bullish with rising long-term Market Sentiment. Short-term sentiment suffered with today’s sharp decline. The momentum line fell to extreme lows for the first time sine bouncing off its late October low. The near-term line fell quickly back below the chart’s midpoint after only spending three days above it. All the major indexes show similar patterns – except the Russell 2000®, which has consistently shown more bullish patterns relative to its large-cap counterparts. The small-cap index produced a bullish intermediate confirmation signal (oversold momentum line combined with strong bullish posture) two days after showing an overbought cluster.