Today’s Market Outlook:
On another day of below-average trading range and volume, the S&P 500® closed 25 points higher. The large-cap index shows a strong bullish intermediate posture again with the stock trading above its rising six-week moving average. The intermediate line crossed back above its slightly negative long-term Market Sentiment line and made its way back into the upper-reversal zone. Also, the near-term line jumped into overbought territory and the momentum line crossed above the chart’s midpoint. This short-term move helps support the renewed bullish posture that has been going now for over four months without a pullback. The NASDAQ 100® is the only major index that has experienced a pullback the past few weeks and its intermediate line is still below the 50th percentile and its falling Market Sentiment line.