Today’s Market Outlook:

With below-average trading range and volume, the S&P 500® closed lower by more than 10 points. The intermediate line remains at extremely bullish levels with long-term Market Sentiment turning higher already inside bullish territory. The momentum line fell but did not drop to bearish levels. The near-term line dipped back down below the 80th percentile, which reflects the lack of the strength in the current bullish near-term run. The Dow Jones Industrial Average formed a bullish intermediate confirmation signal with its oversold momentum line and near-term line sitting in the chart’s lower half. The underperforming Russell 2000® shows a strong bearish short-term sentiment that could impact the weakening bullish intermediate posture.