Today’s Market Outlook:

Today, the S&P 500® closed nearly 24 points lower with average trading volume and extremely small trading range. The intermediate line and long-term Market Sentiment remain strongly bullish. The near-term and momentum lines both fell. The momentum line hit oversold territory and, when combined with the strong bullish intermediate posture, produced a bullish intermediate confirmation signal. The near-term line dropped out of bullish territory and hit the chart’s midpoint. The Russell 2000® still trades below its falling six-week moving average with a neutral intermediate posture and falling short-term sentiment.