Today’s Market Outlook:

Today, the S&P 500® closed nearly seven points higher on extremely light trading volume and small trading range. Volatility remains subdued despite the S&P’s grind higher. The intermediate posture remains strongly bullish with rising Market Sentiment. This pattern suggests a strong bullish trend that still does not show any signs of pulling back anything more than just a near-term pullback any time soon. The near-term line jumped slightly into the upper-reversal zone. On the other hand, the momentum line pulled back – but not to extreme lows that would hint at a trend change. All the major indexes show a similar pattern – except the small-cap Russell 2000® still does not show a rising Market Sentiment yet. Otherwise, its intermediate trend is bullish – despite its underperformance against its large-cap peers.

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