Today, the S&P 500® finished lower by more than six points on below-average trading volume. The intermediate posture remains strongly bullish despite the tight sideways trading range of the past two weeks. The near-term line fell slightly but maintained its position in the chart’s upper half. Market Sentiment hasn’t crossed above the 50th percentile. As a result, stocks still remained mired in a tug-of-war between bulls and bears. All the major indexes are showing strong bullish postures with improving Market Sentiment. The NASDAQ Composite shows a better short-term picture after forming an overbought cluster yesterday; it’s near-term line remains in overbought territory. On the other end of the spectrum, the Russell 2000 shows the best long-term picture with its Market Sentiment line climbing in the chart’s upper half.
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