Today’s Market Outlook:
With slightly above-average trading volume but below-average range, the S&P 500® closed over 44 points higher for its third straight positive gain. The intermediate line remains in the lower-reversal zone but is turning higher with long-term Market Sentiment also turning higher again before it reached the 20th percentile. Not surprisingly, the near-term line made its way to extremely bullish levels in overbought territory but the momentum line dropped due to the smaller ranges during the winning streak. As usual, all the major indexes are showing similar patterns on their respective Market Forecast studies.