Today’s Market Outlook:
With average trading volume, the S&P 500® fell 30 points for its fifth consecutive decline. The intermediate posture and long-term Market Sentiment remain strongly bullish but short-term sentiment is starting to show red flags. In particular, the momentum line dropped to extreme lows. The near-term line continued its descent in the chart’s lower half but has not breached oversold territory yet. The NASDAQ 100® is showing a weak bearish intermediate posture with the index trading just below its rising six-week moving average, which can be a strong bullish bounce signal.