Today’s Market Outlook:

With extreme volume and trading range, the S&P 500® rebounded with a 49-point rally. The intermediate posture remains bearish with long-term Market Sentiment falling below the 80th percentile. Short-term sentiment improved with the momentum line moving back into neutral territory and the near-term line bouncing back out of oversold territory. The Dow and NASDAQ 100® show similar patterns on their respective Market Forecast charts. The intermediate line for the Russell 2000® still sits in bullish territory despite its slight decline and its short-term sentiment is slightly more bullish than its large-cap counterparts.