Today’s Market Outlook:

With average trading volume and above-average range, the S&P 500® closed lower by less than two points. The small move kept the intermediate posture and long-term Market Sentiment levels strongly bullish but the near-term line is starting to descend to the lower half of the chart after seven days in the upper half. The momentum line rallied from near oversold levels because of the strong intraday rally off the low of the day. All the major indexes are showing similar patterns on their respective Market Forecast studies.