Today’s Market Outlook:

The S&P 500® closed more than 90 points higher with above-average trading volume and a large trading range. The intermediate posture remains strongly bullish with rising long-term Market Sentiment. The near-term line jumped back into the upper-reversal zone with today’s breakout on the S&P. The momentum line increased too but still hasn’t crossed the 80th percentile since the S&P peaked on April 17. The broad market has been flat since then.  Unlike the S&P, the Russell 2000® has not crossed above its previous highs. Its intermediate line did turn higher again and shows a renewed bullish posture.