Market Outlook - Archive

Friday, April 12, 2024

Market Performance:

The broad market suffered a strong decline today. The strongest decline was noted on the Russell 2000 (1.93% loss) while S&P 500 lost only 1.45%. The DJI ended session lower for an fifth time in a row. Of the last 10 sessions, the S&P 500 has closed red 6 times. The DJI is also down on 9 of the last 10 sessions. On the NASDAQ 100, we saw the 8th down-close in the last 14 sessions. The NASDAQ 100 index dropped 1.66%. The S&P 500 closed down 1.45%. The Dow dropped 1.24%. The current weekly numbers for this week are as follows: The NASDAQ 100 is down 0.58%; the S&P 500 has lost 1.55%; the Dow is down 2.37%.

Volume for the S&P 500 was 2,176 million shares today, close to the average daily volume of the past 3 months.

Short-Term Outlook:

15-day charts (1 bar = 15 minutes) with a 16-period SBV are showing advancing SBV readings. Positive money flow on this chart would suggest the possibility of positive trading tomorrow after the market open.

Longer-Term Outlook:

60-day charts with a 20-period SBV are now showing a small decline in SBV Oscillator readings on the S&P 500 index, declining readings on the DJI and on the Russell 2000 indexes and advancing readings on the NASDAQ 100 index. The following SBV values were recorded at session's end: minus 26% on the S&P 500, minus 62% on the DJI, minus 12% on the NASDAQ 100 and minus 16% on the Russell 2000. The direction of the SBV oscillator is thus mixed at this time.

1.5-year charts with a 10-period SBV are showing declining SBV oscillator readings. Declining SBV readings are bearish. The negative SBV values seen on this chart are also bearish. This chart setting suggests a bearish market sentiment.