Today’s Market Outlook:
With falling trading volume and smaller trading range, the S&P 500® closed just 4 points higher. The intermediate line moved higher and reflects a strong bullish posture. Also, the intermediate line is close to crossing above its slightly bearish long-term Market Sentiment line. The near-term line turned down after a brief stay in the upper-reversal zone. The momentum line stayed in the chart’s lower half for another day. The NASDAQ 100® shows a weaker intermediate posture due to its lower position with Market Sentiment dropping to lower levels. On other hand, the intermediate line for the Russell 2000® breached the upper-reversal zone again with the near-term line spiking to extremely high levels to support the Russell’s strong bullish posture.