Today’s Market Outlook:

On another day of below-average trading range and volume, the S&P 500® lower by more than 55 points. The intermediate line continued to move higher inside bullish territory but has not breached the upper-reversal zone yet. Long-term Market Sentiment is turning up slightly but remains in bearish territory – for now. The momentum line dropped to extreme lows with today’s close right at the low of the day and the near-term line dropped towards the chart’s midpoint. The Russell 2000® shows a slightly more bearish short-term pattern with its near-term line near bearish territory despite its intermediate line closing slightly above the 80th percentile.