Today’s Market Outlook:
With slightly above-average trading range and volume, the S&P 500® closed nearly 61 points lower. The intermediate line remains in the lower-reversal zone with long-term Market Sentiment continuing to move lower inside bearish territory. The momentum line dropped back down to extreme low levels as the near-term line dipped back below the 40th percentile. As usual, all the major indexes are showing similar patterns on their respective Market Forecast studies with the Russell 2000® close to forming another oversold cluster.