Today’s Market Outlook:
With strongly above-average trading range and volume, the S&P 500® finished higher for a second straight day – this time by more than 42 points. The broad market index has closed above its opening price 8 out of the past 9 trading sessions. The intermediate line continued to strong levels inside the upper-reversal zone with the near-term and momentum lines close to finishing in overbought territory. The Russell 2000® has already formed one overbought cluster this bullish cycle last week and came the closest to forming another one today. The NASDAQ 100® is farther above its 30-day SMA than it has been most of the past year.