Today’s Market Outlook:

On below-average trading volume and range, the S&P 500® closed more than 114 points lower for its third loss in the past four trading sessions – for a total four-day loss of 160 points. Essentially, the S&P wiped out the one-day gain on March 26 in the next four trading sessions. The intermediate line turned back down again and shows a strong bearish posture again. The momentum line fell to oversold levels – but not to extremes. The near-term line fell back to the chart’s lower half. Long-term Market Sentiment continues to drop towards oversold territory. In fact, despite today’s small drop, the intermediate line stayed slightly above the long-term line. The Russell 2000® dropped more than its large-cap counterparts and shows a slightly more bearish Market Forecast than its peers. Its Market Sentiment line fell below the 20th percentile.