Today’s Market Outlook:
On a second straight day with light volume and range, the S&P 500® closed higher by nearly 41 points for its fourth gain in the past five trading sessions. The intermediate line and Market Sentiment lines are both moving higher again inside the upper-reversal zone with the intermediate line back above its long-term counterpart. The near-term line jumped higher again with the momentum line joining the near-term line inside bullish territory. Short-term sentiment also improved for the Russell 2000®. Its near-term line jumped towards overbought territory but the declining momentum line at bearish levels suggests the near-term line may peak soon. The intermediate line moved slightly higher but stayed below the 40th percentile.