Today’s Market Outlook:

With average trading volume, the S&P 500® closed more than eight points lower for its fourth small loss in the past five trading sessions. The short-term sentiment lines responded with a sharp decline into oversold territory. The momentum line nearly hit extreme lows and the near-term line dropped to the lowest level since this current intermediate rally started last November. The short-term sentiment for the NASDAQ 100® isn’t as bearish as the S&P despite having similar strong bullish intermediate and long-term postures. The intermediate line for the Russell 2000® turned lower again with the near-term line falling from last week’s bearish near-term divergence.