Today’s Market Outlook:
With below-average volume, the S&P 500® closed higher by nearly 37 points with slightly above-average range. The intermediate line and long-term Market Sentiment remain at strongly bullish levels as the near-term line continued its rebound back towards overbought territory. Also, the momentum line closed higher with all both short-term sentiment lines finishing just short of producing an overbought cluster. Not surprisingly, the Dow Jones Industrial Average and NASDAQ 100® have similar patterns on their Market Forecast studies. The near-term line for the Russell 2000® crossed above the intermediate line and re-entered bullish territory as long-term Market Sentiment is slowly approaching a turn lower.