Today’s Market Outlook:

With strong year-end trading volume but below-average range, the S&P 500® closed nearly 10 points lower for its third loss this week and fourth in the past six trading sessions. The momentum line dropped towards the chart’s midpoint but the near-term line climbed and inched inside the overbought territory. Also, the intermediate line turned slightly higher but remains at low levels with long-term Market Sentiment appearing to peak just under bullish levels. All the major indexes are showing similar patterns.