Today’s Market Outlook:
With slightly below-average volume, the S&P 500® closed higher with a 66-point gain and strong range. The intermediate line is still moving slightly lower but the long-term Market Sentiment line continued its climb inside the upper-reversal zone. Not surprisingly, the momentum and near-term lines jumped higher with the momentum line hitting extreme highs and the near-term line back into the chart’s upper half. All the major indexes are showing similar patterns on their respective Market Forecast studies.