Today’s Market Outlook:
Today, the S&P 500® closed lower by 10 points on above-average trading volume. The late drop to its intraday lows brought short-term sentiment down to strong bearish levels. The momentum line hit extreme lows and the near-term line dropped to its lowest level in oversold territory since the current intermediate run started. The intermediate posture turned to weak bearish with the intermediate line falling down below the 80th percentile. Long-term Market Sentiment still points lower. The intermediate line for the NASDAQ 100® dropped back down into the chart’s lower half. Also, the intermediate line for the Russell 2000® is close to breaking below the 50th percentile as its Market Sentiment line has already dropped out the upper-reversal zone.