Today’s Market Outlook:

With below-average trading range and volume, the S&P 500® closed less than three points higher after falling 30 points from its intraday peak. The intermediate line is moving higher inside bearish territory as long-term Market Sentiment meanders sideways at the top end of its neutral zone. The near-term line stayed in overbought territory but the momentum line dropped from extreme levels into the chart’s lower half. As usual, all the major indexes are showing similar patterns on their respective Market Forecast studies.