Today’s Market Outlook:

With extremely below-average trading range and volume, the S&P 500® closed higher by nearly 36 points. The intermediate and Market Sentiment lines remain at bullish levels. The near-term line appears likely to form a bearish near-term peak just below the 80th percentile as the momentum line has crossed slightly above the chart’s midpoint. Short-term sentiment for the NASDAQ 100® remains at bearish levels as the tech-heavy index actually dropped slightly today. The Russell 2000® gained another 3.5% today and its intermediate line has crossed into the upper-reversal zone with strong short-term sentiment. The small-cap index is more than 10% above its six-week moving average.