Today’s Market Outlook:
Today, the S&P 500® closed higher by more than 44 points and came close to another overbought cluster with all four lines, including long-term Market Sentiment, closing above the 80th percentile. The Dow Jones Industrial Average did close with the mature bullish signal. On the other hand, short-term sentiment for the weak NASDAQ 100® is not strong enough to produce the same pattern. Its momentum and near-term lines just crossed the chart’s midpoint with its intermediate line still declining towards the 50th percentile. The small-cap Russell 2000® came close to producing a cluster but still hasn’t produced the signal since it first started the current intermediate rally in October and November.