Today’s Market Outlook:
With extremely light volume and range, the S&P 500® closed higher by over 11 points. The intermediate line and Market Sentiment lines are moving lower inside the upper-reversal zone with the intermediate line below its long-term counterpart. The near-term line is falling from below the 80th percentile with the momentum line staying a second straight day inside bearish territory. The Russell 2000® still shows a more bearish Market Forecast with its intermediate line moving lower inside bearish territory as its long-term Market Sentiment line continuing slightly lower. Its short-term sentiment lines bounced slightly higher today but still finished near the chart’s midpoint.