Market Outlook
Updated weekly. Last update: May 2, 1999
Market Outlook
Updated weekly. Last
update: May 2, 1999
| The Dow Jones Industrial Average rose 99.33, or 0.9%, last week; but it yielded to substantial intra-day profit-taking on Friday. After a spectacular run over the past eleven weeks, the Dow is vulnerable to more profit-taking in the weeks ahead. The Dow's monthly chart looks very bullish; however, its daily and weekly charts are flashing overbought signals. This means we could see some sort of consolidation in the short-term. |
 |
Short-Term Indicator |
Weight |
This Week |
Last Week |
Change |
U. S. interest rates |
12% |
|
||
U. S. economy |
7% |
|
||
S & P 500 companies' earnings |
10% |
|
||
S & P 500 companies' valuations |
10% |
|
||
12% |
|
|||
NYSE volume |
6% |
|
||
Bullish sentiment (contrary indicator) |
12% |
|
||
Bearish sentiment (contrary indicator) |
12% |
|
||
Mutual fund cash levels |
6% |
|
||
Market breadth |
8% |
|
||
World markets |
5% |
|
||
Overall |
100% |
|
= bullish = neutral = bearish |