Today’s Market Outlook:
With average trading range and volume, the S&P 500® closed lower for a fourth straight session – this time by more than 16 points. The intermediate line is falling but still remains slightly above the rising long-term Market Sentiment line and slightly inside the upper-reversal zone. Predictably, the momentum and near-term line fell to their lowest levels since the last intermediate pullback ended. As usual, all the major indexes are showing similar patterns on their respective Market Forecast studies.