Today’s Market Outlook:

Today, the S&P 500® back above its falling six-week moving average as its intermediate line turned slightly higher (and finished slightly lower than the chart’s midpoint). Long-term Market Sentiment continues to point lower inside bullish territory. Short-term sentiment was mixed with the momentum line bouncing from strongly oversold levels as the near-term lines dropped into bearish territory after forming a bearish near-term peak. The Russell 2000® is showing a strong bearish pattern on its Market Forecast with the intermediate line inside the lower-reversal zone and long-term Market Sentiment falling towards the low end of bullish territory. Its short-term sentiment has stayed at bearish levels for seven trading sessions.