Today’s Market Outlook:
With above-average trading volume but slightly below-average range, the S&P 500® closed lower for a fourth straight sessions – this time by nearly 10 points. The intermediate line continued lower inside bearish territory and remains below the falling long-term Market Sentiment line that has crossed out of bullish levels. The momentum and near-term lines remained at extremely low levels for a second straight day. The Russell 2000® formed its fifth straight oversold cluster. The Dow Jones Industrial Average came very close to producing a similar signal for the first time. On the other hand, the intermediate line for the NASDAQ 100® has finally crossed into bearish territory and its extremely bearish short-term sentiment suggests the mega-cap index may catch down soon to its small-cap counterpart.