Today’s Market Outlook:
Today, the S&P 500® dropped for its third loss in the past four trading sessions with extremely high volume and trading range. The intermediate line fell out of bullish territory but remains in the chart’s upper half. However, it has crossed below the newly falling long-term Market Sentiment line. And, both short-term sentiment lines (momentum and near-term) dropped to extreme lows. The Russell 2000® produced an oversold cluster on its Market Forecast for the first time since mid-July. Its Market Sentiment line is close to crossing out of bullish territory as the small-cap index is now nearly ten percent below its falling 30-day simple moving average.