Today, the S&P 500® closed lower by more than 21 points on below-average trading volume. The intermediate line has turned slightly lower and continues to fluctuate in a tight range just below the chart’s midpoint. The near-term line fell back out of the upper-reversal zone after only one day above the 80th percentile. It fell into the chart’s lower half. The momentum line fell to extreme lows. The short-term patterns for all the major indexes are showing weakness but still not enough yet to institute a new bearish trend – especially with strong support below current levels from February’s and March’s lows. Market Sentiment remains at levels that suggest stocks’ path of least resistance is currently to the downside but that there opportunity for a new bullish intermediate run if stocks are able to hold support.
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