Today’s Market Outlook:

Today, the S&P 500® fell nearly 79 points for its biggest loss since April 30. Not surprisingly, three of the Market Forecast lines are falling with only long-term Market Sentiment still slowly rising inside the upper-reversal zone. The intermediate line also remains above both the Market Sentiment line and the 80th percentile. The near-term line dropped out of bullish territory and made its ways to the chart’s midpoint as the momentum line dropped to extreme lows. The intermediate line for the NASDAQ 100® closed below its Market Sentiment line as both short-term sentiment lines are at strong bearish lows. On the other hand, all four lines are still rising for the Dow Jones Industrial Average today as the Dow finished nearly five percent above its six-week moving average. The Russell 2000® shows very weak bearish short-term sentiment combined with strong bullish intermediate and long-term trends.