Today’s Market Outlook:
The S&P 500® gained more than six points with a return back to lower volume and smaller trading ranges already – before the index has climbed back above its six-week moving average. The intermediate line turned higher and crossed back out of bearish territory. The near-term line rallied to overbought territory but did not get to strong bullish levels. The momentum line dropped due to today’s small range and still has not reached bullish territory since the S&P’s decline began. The Russell 2000® shows a neutral intermediate posture and Market Sentiment. The Dow Jones Industrial Average’s intermediate line remains in bullish territory despite its recent rise. The intermediate line for the NASDAQ 100® avoided dropping into bearish territory as short-term sentiment was strong enough to halt its decline.