Written by Gary

Markets have muddled their way elevated, sideways in a very narrow trading range since this mornings opening. The DOW is still at triple digits and the volume has reached anemic status.

By noon many analysts are commenting that another down session is probable to even out today's rise. For now the bear is sleeping.

The on-going prospect of a sideways market is the most likely sceniaro for the next few sessions.

The medium term indicators are leaning towards the hold side at the midday and the short-term market direction meter is bearish. We remain mostly, at best, neutraland conservatively holding. The important DMA's, volume and a host of other studies have not turned significantly and that is not enough for me to start shorting, but now I am getting very concerned. The SP500 MACD has turned flat, but remains below zero at -6.33. I would advise caution in taking any position during this uncertain period although some technical indicators have starting to turn bearish.

Investing.com members' sentiments are 64 % Bearish and it seems to be a good sign for being bullish. The 'Sheeples' always seem to get it wrong. Now they are moving towards the bullish side which is interesting.

Investors Intelligence sets the breath at 49.2 % bullish with the status at BearConfirmed. (Chart Here )

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 53.17. (Chart Here) Below support zone and apparently going further down. Next stop was ~57 and now it is ~44, below that is where we will most likely see the markets crash.

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 64.40. (Chart Here) In support zone and falling - doesn't look good. ~62, ~57, ~45 at which the markets are in a full-blown correction.

StockChart.com 10 Year Treasury Note Yield Index ($TNX) is at 24.57. (Chart Here)

StockChart.com Overbought / Oversold Index ($NYMO) is at -53.47. (Chart Here)But anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold.

StockChart.com Consumer Discretionary ETF (XLY) is at 66.95. (Chart Here)

Chris Ciovacco says, "As long as the consumer discretionary ETF (NYSEARCA:XLY) holds above [66.88], all things being equal, it is a good sign for stocks and the U.S. economy." This chart clearly shows that dropping below 65.50should be of a great concern to bullish investors.

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) is at42.54 %. (Chart Here) Unless this downward trend reverses itself soon, we are going to see further downside

The DOW at 12:15 is at 16961 up 160 or 0.95%.

The SP500 is at 1965 up 19 or 0.98%.

SPY is at 196.34 up 2 or 1.01%.

The $RUT is at 1109 up 12 or 1.13%.

NASDAQ is at 4479 up 49 or 1.11%.

NASDAQ 100 is at 4028 up 42 or 1.06%.

$VIX 'Fear Index' is at 14.68 down 1.48 or -9.16%. Neutral Movement

The longer trend is up, the past months trend is net negative, the past 5 sessions have been negative and the current bias is elevated, but trading sideways quietly.

WTI oil is trading between 91.78 (resistance) and 89.39 (support) today. The session bias is negative and is currently trading up at 89.37. (Chart Here)

Brent Crude is trading between 94.05 (resistance) and 91.52 (support) today. The session bias is negative and is currently trading up at 91.69. (Chart Here)

The general consensus is that gold prices will actually fall in the next twelve months (Sept to Aug. 2015). Goldman Sachs estimates that gold will fall to $1,050 an ounce, a drop of nearly 19%.

Gold fell from 1215.90 earlier to 1191.49 and is currently trading up at 1193.00. The current intra-session trend is negative. (Chart Here)

Dr. Copper is at 2.999 falling from 3.016 earlier. (Chart Here)

The US dollar is trading between 86.86 and 85.53 and is currently trading up at86.78, the bias is currently positive. (Chart Here) Resistance made in Aug., 2013 has been broken.

Real Time Market Numbers

Leading Stock Quotes powered by Investing.com