Today’s Market Outlook:
The S&P 500® finished the week with its strongest volume and highest trading ranges of the week. After a strong decline yesterday, the S&P closed nearly 30 points higher to finish the week on a slight positive note. The intermediate line continues to move slightly higher despite falling long-term Market Sentiment that is closer to the upper-reversal zone than the chart’s midpoint. The near-term dropped down to bearish levels as the momentum line bounced from Thursday’s extreme lows. As usual, all the major indexes are showing similar patterns on their respective Market Forecast studies.