Today, the S&P 500® closed lower for a second straight session – this time by almost five points on below-average trading volume and a small trading range. The intermediate posture remains strongly bullish. But, the near-term line fell below the chart’s midpoint, which sets up the possibility of a new bullish near-term low. In fact, the combination of another bullish intermediate confirmation signal (oversold momentum line with strong bullish posture) and a bullish near-term low is a good sign for the current bullish trend. Long-term Market Sentiment continues to rise slowly and is approaching the upper-reversal zone again. The Dow Jones Industrial Average is showing the same signal on its Market Forecast study.  The NASDAQ Composite still maintains a bullish posture but was unable to get to new all-time highs today and its near-term line is slowing pulling back again. The Russell 2000® is showing a bullish intermediate confirmation signal with strong short-term sentiment.

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