Today’s Market Outlook:
With extremely low volume and trading range, the S&P 500® closed another Monday lower – the third in the past 4 weeks. The intermediate line stayed at extremely high levels with rising long-term Market Sentiment that has crossed out of bearish territory. The momentum and near-term lines dropped with the momentum line hitting oversold levels and the near-term line finishing near the chart’s midpoint. Short-term sentiment for the Russell 2000® is more bullish despite weaker long-term sentiment. The Dow Jones Industrial Average and NASDAQ 100® are both showing bullish intermediate confirmation signals (oversold momentum line with intermediate line at bullish levels).