Today’s Market Outlook:

With above-average trading volume and range (including the extended hours moves), the S&P 500® fell nearly 50 points. The intermediate line continued its descent below the now falling long-term Market Sentiment though both lines remain easily inside bullish territory. However, the near-term line fell one day after barely eclipsing the 60th percentile and turned lower below the falling intermediate line. The momentum line dropped back down to bearish levels. The intermediate line for the Dow Jones Industrial Average is close to falling into the lower-reversal zone and both short-term sentiment lines dropped back into the chart’s lower half. The intermediate lines for the NASDAQ 100® and Russell 2000® fell below their respective chart midpoints.