Today’s Market Outlook:
With slightly below-average trading volume and range, the S&P 500® closed higher for the 16th time in the past 17 Mondays – this time by more than 49 points. The intermediate line turned higher but remains in the lower-reversal zone as long-term Market Sentiment continues to move lower towards the 20th percentile. Not surprisingly, short-term sentiment improved with the momentum and near-term lines moving higher just above the upper limit of bearish territory. All the major indexes are showing similar patterns on their respective Market Forecast charts.