Today’s Market Outlook:

Today, the S&P 500® fell nearly 24 points on below-average range but extreme amounts of volume. The range for the week was well above an already high average. The S&P’s intermediate line moved slightly higher above the lower-reversal zone but remains below a falling long-term Market Sentiment line that is close to crossing into bearish territory. The momentum and near-term lines dropped to oversold territory and nearly formed an oversold cluster. The NASDAQ 100® and Russell 2000® did form the oversold signal and the NASDAQ formed a cluster on its weekly chart for the first time since the Q4 2018 market correction.