Today’s Market Outlook:
Today, the S&P 500® finished higher by more than 11 points of less volume and smaller trading range than the past two sessions the closed last week. The intermediate posture and long-term Market Sentiment remain strongly bullish. The near-term line continued to drop in the lower half of the chart but did not enter oversold territory. The oversold momentum line bounced back up today but stayed down in the chart’s lower half. Short-term sentiment for the NASDAQ 100® was extremely bearish with both the momentum and near-term lines hitting very low levels. The intermediate line for the Russell 2000® moved slightly higher but appears to be peaking without entering overbought territory, which would be bearish for the small-cap index.