Today’s Market Outlook:
With below-average trading volume and range, the S&P 500 closed nearly 36 points lower for only its second loss in the past seven trading sessions. The intermediate line continues to move inside the upper-reversal zone with rising long-term Market Sentiment that remains in bearish territory. However, today’s weakness brought the momentum line down to extreme lows with the near-term line moving to the bottom of overbought territory. As usual, all the major indexes are showing similar patterns on their respective Market Forecast studies.