Today’s Market Outlook:
With slightly above-average trading volume, the S&P 500® finished higher by less than five points. The intermediate posture and long-term Market Sentiment remain strongly bullish. The momentum and near-term lines moved higher. But, the near-term line did not finish the day above the chart’s midpoint, which would start the new bullish near-term run. The momentum line closed near the 50th percentile. This pattern reflects the sideways nature of the S&P over the past week despite small intraday swings higher and lower. The NASDAQ Composite shows a bullish bounce pattern with a weak bearish posture and index trading slightly below its rising six-week moving average. But, the tech-heavy index’s short-term sentiment remains subdued. Finally the Russell 2000® also shows a weak bearish intermediate posture with bearish short-term sentiment.