Today’s Market Outlook:
On another day with a bigger-than-average trading range (including the opening gap) but average volume, the S&P 500® closed higher by more than 23 points. At one point, the S&P was higher by more than one percent. Its intermediate posture is weakly bearish despite a persistent strongly bullish long-term Market Sentiment. In other words, we are in the process of an intermediate pullback. The near-term line dropped back into the lower half of the chart with the momentum line. The Russell 2000® continues to show a more bearish Market Forecast study. Its intermediate posture is strongly bearish and, aside from one day, its short-term sentiment has been below the chart’s midpoint for multiple weeks now.