Today’s Market Outlook:
With slightly above-average trading volume and range, the S&P 500® closed more than 65 points higher today. The intermediate posture is strongly bullish with a rising long-term Market Sentiment. Also, the momentum line spike to its highest level since the intermediate run began – similar to a month that occurred at the end of February. The near-term line jumped back above the 50th percentile but did not quite make it into overbought territory yet. The short-term sentiment patterns do not look as strong for the NASDAQ 100® and Russell 2000®. Their respective intermediate lines are still trading lower below falling Market Sentiment lines with subdued short-term sentiment bounces.