Today’s Market Outlook:
On a third straight day of below-average trading volume and range, the S&P 500® rallied again – this time by more than four points. It was the 8th consecutive higher day for the S&P and 9th straight positive session for the NASDAQ 100®. The S&P’s intermediate line continued higher into the upper-reversal zone as long-term Market Sentiment slowly turns higher inside bearish territory. The near-term line dipped slightly but remains overbought. The momentum line is moving higher towards the chart’s midpoint. The Russell 2000® shows much less bullish Market Forecast. Both its short-term sentiment lines are below the 20th percentile as the intermediate line appears to being slowing its ascent and Market Sentiment is strongly bearish.