Today’s Market Outlook:

With average volume and range, the S&P 500® closed higher by more than 1% for a second straight session. Not surprisingly, the momentum and near-term lines both rose towards the upper-reversal zone but both failed to breach overbought territory. The intermediate line turned slightly higher but remains below bullish territory. On the other hand, long-term Market Sentiment still sits above the intermediate line but is moving slightly lower. All the major indexes are showing similar patterns on their respective Market Forecast studies.