Today’s Market Outlook:
With average volume and above-average trading range, the S&P 500® closed higher for the ninth time in the past 10 trading sessions. The intermediate line continued higher deep inside the upper-reversal zone as long-term Market Sentiment slowly turns higher in bearish territory. The momentum line jumped from strong oversold levels to an extreme bullish peak. The near-term line halted its decline just below the chart’s midpoint and jumped back barely above the 50th percentile. The intermediate line for the Russell 2000® turned lower back into the chart’s lower half with short-term sentiment that climbed out of oversold territory but remains at bearish levels.