Today’s Market Outlook:
With slightly below-average trading volume and small range, the S&P 500® closed higher by 36 points – building on yesterday’s strong gains. The intermediate line entered the upper-reversal zone with the near-term line reaching extremely high levels. The smaller range brought the momentum line down. Long-term Market Sentiment continues its slow rise in bearish territory. The intermediate line for the Russell 2000® and NASDAQ 100® still have not reach the 80th percentile yet. Otherwise, there are similar patterns on all the major indexes’ Market Forecast studies.