Today’s Market Outlook:

On a fourth straight session with above-average trading range, the S&P 500® closed higher by nearly 16 points for its ninth gain in the past 10 trading sessions. The intermediate line and long-term Market Sentiment lines remain strongly bullish. The near-term line bounced out of bearish territory but is higher the momentum line, which suggests a strong possibility the near-term line does not reach the upper-reversal zone. The intermediate line for the Russell 2000® continues its strong march towards overbought territory with Market Sentiment starting to move higher as well. The near-term line stayed above the 80th percentile as the momentum line dropped into bearish levels.