Today’s Market Outlook:
With above-average trading volume and range, the S&P 500® closed more than 61 points higher to more than completely bounce back from Wednesday’s decline. The intermediate line is still falling but remains in bullish territory with long-term Market Sentiment still strongly bullish. Short-term sentiment improved but neither the near-term nor momentum lines reached overbought territory. The intermediate lines for the NASDAQ 100® and Russell 2000® both dropped into bearish territory with falling Market Sentiment. Also, their short-term sentiment lines bounced into the chart’s upper half and are set up for possible bearish near-term peaks.