The broad market declined today. The strongest decline was noted on the Russell 2000 (1.48% loss) while NASDAQ 100 lost only 0.42%. The DJI is now at new three-week low.
The day ended with a daily volume of 1,793 million shares on the S&P 500. This volume was 15% less than the daily volume average of the past 3 months.
Short-Term Market Outlook
5-day charts (1 bar = 5 minutes) with a 20-period SBV are showing advancing SBV oscillator readings at session’s end. Positive money flow on this chart would suggest the possibility of positive trading tomorrow after the market open. 15-day charts (1 bar = 15 minutes) with a SBV(16) are showing positive money flow (advancing SBV) as well, thus confirming 5-day chart’s outlook. However, 30-day charts (1 bar = 30 minutes) are showing declining SBV reading at this moment. Taking into account the most recent bullish volume accumulation we would say that despite positive outlook on 5- and 15-day charts, overall sentiment is in favor of bears (unless we see advancing SBV on 30-day charts) for tomorrow.
