Today’s Market Outlook:
With above-average trading range and volume, the S&P 500® closed more than 54 points higher. The intermediate line turned slightly higher as it remains in bullish territory along with its long-term Market Sentiment that continues to march towards the upper-reversal zone. The momentum and near-term lines continued a two-day rally from extreme low levels towards the top of the chart. The intermediate line for the Dow Jones Industrial Average still sits in the lower-reversal zone. The NASDAQ 100 came close to another overbought cluster with all four lines – just lacking the momentum line. The long-term Market Sentiment line remains subdued for the Russell 2000® as its intermediate line appears to be peaking without breaching overbought territory.