Today’s Market Outlook:

The S&P 500® closed the week with its smallest range and lowest volume since Christmas week in 2019. Also, the broad market index finished with its second overbought cluster of the current intermediate run. The near-term line bounced back after concluding a long near-term rally yesterday. The momentum line jumped from oversold territory to overbought in just a couple of trading sessions. Long-term Market Sentiment is rising and working back towards the 80th percentile. The NASDAQ 100® also formed an overbought cluster now more than four months into the intermediate run. On the other hand, the near-term line stayed depressed after forming a bearish near-term high on the Russell 2000®. Its intermediate line is close to crossing below the 80th percentile.