Today’s Market Outlook:
Today, the S&P 500® dropped more than 15 points lower with strongly below-average, holiday volume and trading range. The intermediate line continues to move lower inside bearish territory and below its rising long-term Market Sentiment. The near-term line jumped back into bullish territory but the momentum line dropped back down towards oversold territory suggesting the near-term line may not be bullish for long. As usual, all the major indexes are showing similar patterns on their respective Market Forecast studies.