Today’s Market Outlook:
Today, the S&P 500® closed more than 11 points higher on above-average trading volume. Its range was lower as the S&P trades well above its six-week moving average with a strong bullish intermediate posture. Long-term Market Sentiment is pointed slightly lower albeit at high levels on the chart. Both short-term sentiment lines turned lower with the momentum line hovering near the chart’s midpoint and the near-term line dropping slightly out of overbought territory. All major indexes show similar patterns on their respective Market Forecast charts with the intermediate line for the underperforming NASDAQ 100® finally crossing above the 50th percentile today.