Today’s Market Outlook:

Today, the S&P 500® closed more than 62 points lower on below-average trading volume and range. The intermediate line stayed at extremely high levels in the upper-reversal zone with long-term Market Sentiment working its way higher inside bearish territory. The momentum line dropped to oversold levels with the near-term line falling below the 60th percentile. All the major indexes are showing similar patterns on their respective Market Forecast studies.