Today’s Market Outlook:
With slightly above-average trading volume, the S&P 500® closed more than three points lower in a much smaller range compared to last Friday. The intermediate posture for the S&P and Dow Jones Industrial Average are strongly bullish with rising long-term Market Sentiment at high levels for both indexes. On the other hand, the intermediate posture for the NASDAQ 100® and Russell 2000® are both sitting at strong bearish levels with falling Market Sentiment. Also, near-term lines for both indexes are peaking and starting to turn from what would be bearish near-term highs whereas the near-term lines for the S&P and Dow are sitting at high levels inside overbought territory – one day after the momentum lines for both indexes spiked to extreme highs.