Today’s Market Outlook:
Today, the S&P 500® finished a volatile week with a four-point gain on average volume and range. The S&P closed nearly 50 points off its intraday low. As a result, the momentum line turned higher off its extreme lows and the near-term line avoided dropping into oversold territory. This short-term sentiment pattern finished much better that what it looked like early this morning. The intermediate line and long-term Market Sentiment are both falling – though both still sit either in or around bullish territory. The intermediate line for the NASDAQ 100® is slightly rising in bearish territory whereas the intermediate and Market Sentiment lines for the Russell 2000® are both falling in bearish territory.