Today, the S&P 500® closed slightly higher by less than one point. The broad market continues to trade down to short-term support near Fibonacci retracement levels of its previous near-term rally. The intermediate line is flattening out around the chart’s midpoint, which reflects the index’s neutral nature. The S&P is trading in between its early March high near 2,800 and it’s February and April lows under 2,600. The near-term line remains down but avoided falling into the reversal zone. The S&P still sets up for a potential bullish near-term low (a low between the 20th and 50th percentiles that corresponds to a higher low on the index itself). Market Sentiment appears to be bottoming in its chart’s lower half. All the major indexes are showing similar patterns on their respective Market Forecast studies.
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