Today’s Market Outlook:

On another day of extremely light volume with average trading range, the S&P 500® closed higher by over 14 points. The intermediate line close at extreme highs and Market Sentiment continues its slow turn higher inside bullish territory. The momentum line spiked to extreme highs too as the index closed near its intraday high. With the near-term line also closing above the 80th percentile, the S&P formed its third overbought cluster in the past 19 trading sessions – the first time we’ve seen this many in less than four weeks since early 2017. The NASDAQ 100® also formed an overbought cluster. On the other hand, the Dow Jones Industrial Average shows a neutral Market Forecast chart with all four lines just under the chart’s midpoint. The intermediate and Market Sentiment lines for the Russell 2000® are both falling.