Today’s Market Outlook:
On another day of strong trading volume and above-average trading range, the S&P 500® closed more than 73 points higher. The intermediate line turned higher and shows a strong bullish posture again – though it is still positioned lower that its falling long-term Market Sentiment line that just dropped below the 80th percentile. Today’s strong intraday move brought both short-term sentiment lines back up above the chart’s midpoint, but not to levels yet that suggest the intermediate line will stay higher. The NASDAQ Composite is in intermediate pullback mode. Its intermediate line turned higher too but sits just above the 20th percentile. Its short-term sentiment bounced higher but stayed near the lower-reversal zone.