Today’s Market Outlook:
With below-average trading range and volume, the S&P 500® closed higher by nearly 11 points. The intermediate line and long-term Market Sentiment remain at strongly bullish levels as the near-term line stayed a second straight session at extremely bullish highs. Of course, the smaller range dragged the momentum line lower into the chart’s lower half. One day after getting an overbought cluster, the Dow Jones Industrial Average shows a similar pattern to the S&P and NASDAQ 100®. The near-term line for the Russell 2000® spiked to extreme highs one day after the momentum line closed above the 90th percentile as the small-cap index’s intermediate line turned slightly higher inside neutral levels and the index itself reclaimed its six-week moving average.