Today’s Market Outlook:

With above-average trading range and volume, the S&P 500® closed more than 62 points lower. Not surprisingly, short-term sentiment moved lower with the momentum line hitting extreme lows and the near-term line dropping into bearish territory. The intermediate line still sits just slightly below long-term Market Sentiment at the bottom end of bullish territory but both lines are only slightly moving higher. The intermediate line looks like to turn lower soon like it has already on the Dow Jones Industrial Average while staying below its corresponding long-term line.