Today’s Market Outlook:

Today, the S&P 500® closed higher for the fourth day in the past five trading sessions – this time nearly reversing Friday’s losses with an 85-point gain. The intermediate posture is weakly bullish. The near-term line dropped back down out of the upper-reversal zone but easily remains in the chart’s upper half. Long-term Market Sentiment is still declining towards oversold territory, which reflects the S&P’s extreme oversold nature. The falling Market Sentiment line for the Russell 2000® is just barely above the 20th percentile and its intermediate line has barely crossed above the 20th percentile.