Today’s Market Outlook:
With light volume and small trading range, the S&P 500® fell nearly 17 points for only its fourth decline in the past 14 trading sessions. The intermediate posture remains strongly bullish with rising long-term Market Sentiment that just crossed back above the 80th percentile. The near-term and momentum lines dropped. The former stayed in the chart’s upper half for its 13th consecutive day. The latter dropped into oversold territory and produced a bullish intermediate confirmation that’s weakened by the mature near-term run. Only the Russell 2000® shows a different pattern on its Market Forecast. The small-cap index’s trendline nature is reflected in all its Market Forecast lines moving sideways near the chart’s midpoint.