Today’s Market Outlook:
With extremely light trading volume and extreme low trading range, the S&P 500® closed more than 10 points lower. The intermediate line stayed strongly inside the upper-reversal zone with rising long-term Market Sentiment inside bearish territory. The momentum line dipped back into bearish levels because of today’s small range whereas the near-term line continued higher into bullish territory again. The NASDAQ 100® shows a weak bearish posture with the intermediate line dropping below the 80th percentile with both short-term sentiment lines in bearish territory.