Today’s Market Outlook:

With light trading volume and miniscule trading range, the S&P 500® closed more than six points higher. The intermediate posture remains strongly bullish with rising long-term Market Sentiment. The near-term line moved higher again and sets up for a potential bearish near-term divergence. However, the momentum line dropped back down but avoided falling into oversold territory. Short-term sentiment is less bullish on the Russell 2000® as the small-cap index is still working through its own more pronounced bearish near-term divergence. On the other hand, the NASDAQ 100® formed an overbought cluster yesterday and followed that up with another positive day.