Today’s Market Outlook:
On a second straight day of extremely low, pre-holiday trading volume and range, the S&P 500® closed higher for the 15th time in the past 18 trading sessions. The intermediate line remains at extreme highs as long-term Market Sentiment is moving to the top of bearish territory. The momentum line stayed bear the chart’s midpoint due to the small ranges over the past few days. The near-term line is falling below the 80th percentile has been as the same near-term rally for the full 18-day period. The pattern looks less bullish for the Russell 2000®. The intermediate line for the small-cap index closed slightly above the chart’s midpoint. On the other hand, the near-term line has fallen into bearish levels and is close to the lower-reversal zone.