Today’s Market Outlook:

With below-average trading range and volume, the S&P 500® closed more than 50 points higher for its third gain in the past 4 trading sessions. Not surprisingly, all four Market Forecast lines are rising. The intermediate line is close to crossing out of bearish territory. Long-term Market Sentiment breached bullish levels above the 60th percentile. The near-term line made its way into overbought territory before the momentum line that is currently crossing back into the chart’s upper half. All the major indexes are showing similar patterns on their respective Market Forecast studies.