Today’s intraday afternoon outlook is open to all investors as I have received a lot of emails today with questions on the market direction.
The outlook for markets remains positive despite the Cohen and Manafort issues, at the present time.
SPX 5 Day Intraday Chart
Looking at the 5 day intraday chart the pattern higher is obvious. The dip below 2860 this morning brought in buyers who quickly snapped up many stocks that were slipping lower. As long as the S&P index stays above 2860 or $2850, the move higher to break the old all-time high, is still intact.
Momentum at present is neutral and quickly recovered from the early morning drop today.
SPX 5 Day 15 Minute Chart to Aug 22 2018
S&P Market Breadth Statistics
Volume is lighter than usual but 53% of it is still to the upside and 48% of all stocks are still rising. 45% of all volume is moving lower along with 43% of all stocks on the S&P. There are though 105 new 52 week highs and just 24 new lows. Overall these stats are still very positive.
NASDAQ Market Breadth Statistics
The NASDAQ also has lighter volume but 65% of all volume is to the upside and 56% of all stocks on the index are climbing. There have been 115 new 52 week highs and just 18 new lows. These are bullish numbers.
The Close and Thursday’s Market Outlook
List all intraday chart articles from most recent to oldest
Disclaimer: There are risks involved in all investment strategies and investors can and do lose capital. Trade at your own risk. Stocks, options and investing are risky and can result in considerable losses. None of the strategies, stocks or information discussed and presented are financial or trading advice or recommendations. Everything presented and discussed are the author’s own trade ideas and opinions which the author may or may not enter into. The author assumes no liability for topics, ideas, errors, omissions, content and external links and trades done or not done. The author may or may not enter the trades mentioned. Some positions in mentioned stocks may already be held or are being adjusted.
Stay FullyInformed With Email Updates
Market Direction Internal Links
Profiting From Understanding Market Direction (Articles Index)
Understanding Short-Term Signals
Market Direction Portfolio Trades (Members)