Today’s Market Outlook:

Today, the S&P 500® fell more than 20 points for its sixth loss in the past eight trading sessions with strong volume and above-average trading range. The intermediate line turned lower again and is close to crossing down below the chart’s midpoint for the first time since early November. Long-term Market Sentiment is falling and dropped out of the upper-reversal zone. Short-term sentiment continued higher thanks to today’s strong early move higher, which brought the near-term line above the 50th percentile. The long upper shadow produced a slight downturn on the momentum line. The underperforming NASDAQ 100® nearly produced another oversold cluster. The Russell 2000® shows a similar pattern on its Market Forecast as the S&P 500 as both indexes continue to just be relatively “noisy.”