Today’s Market Outlook:
With light trading volume and range, the S&P 500® closed less than one point lower. The intermediate posture and long-term Market Sentiment remain strongly bullish. The near-term line dropped out of bullish territory but still sits in the upper half of the chart. The momentum line continued its weak rise out of the chart’s lower half by crossing above the 50th percentile today but it still remains in a neutral zone, which reflects the index’s short-term sideways trend. The Russell 2000® closed 33 points higher. The bullish move was not enough to turn the intermediate line higher or get the small-cap index back above its falling six-week moving average.