Today’s Market Outlook:
With below-average trading range and volume, the S&P 500® rallied for a fourth straight session – this time by more than 13 points. The intermediate line continued its climb out of bearish territory as long-term Market Sentiment is slowly declining at relatively higher levels. With a smaller ranges in two of the past three sessions, the momentum line is falling and avoided peaking in overbought territory. On the other hand, the near-term line climbed to extremely bullish levels to support a renewed bullish intermediate trend. As usual, all the major indexes are showing similar patterns on their respective Market Forecast studies.