Written by Gary

Premarkets were up +0.2% this morning before starting a short session that closes at 1 pm today and the markets will be closed tomorrow the 25th for Christmas Holiday.

Markets opened up and generally sea-sawed sideways with the DOW reaching up for a new high on low volume.

Our medium term indicators are leaning towards sell portfolio of non-performers at the opening and the session market direction meter is 50 % Bullish climbing from 40% at the opening. We remain mostly conservatively bullish, neutral in other words. Right now now I am getting very concerned any downtrend could get very aggressive in the short-term and any volatility may also promote sudden reversals. The SP500 MACD has turned up, but remains above zero at +9.92. I would advise caution in taking any position during this uncertain period and I hope you have returned your 'dogs' to the pound.

Having some cash on hand now is not a bad strategy as market changes are happening everyday. As of now, I do not see any leading indicators that are warnings of a 'long-term' reversal in the near-term. There may be one later in 2015, but any market fluctuations we see now are more of a internal market rectification than a bear market.

Investing.com members' sentiments are 64 % Bearish.

Investors Intelligence sets the breath at 53.6 % bullish with the status at BearConfirmed. (Chart Here ) I expect a market reversal at or before ~25.0 should the markets start to descend.

StockChart.com Overbought / Oversold Index ($NYMO) is at +30.78. (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.

This $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages.

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) is at53.00 %. (Chart Here) The next support is ~37.00, ~25.00 and ~15.00 below that. December, 2011 was the last time we saw numbers in the 20's.

Many indicators are showing markets leveling off or rounding indicating market softness that could lead to lower values and investor's should watch carefully. The SP500 MACD, $BPNYA, $BPSPX, $TNX and the $NYA all show rounding off the tops which in the past has lead to a downturn.

Also, the SP500 10 DMA has crossed over the 20 DMA (12-11-14) always indicating a 'correction' underway. The 50,100, 145 and 200 DMA are all going flat which is never a good omen for a continuing bull run. Watch for the 50 DMA to cross over the 100,145 and 200 DMA to indicate how deep the correction will be.

These are not 'leading' indicators as such, but depicting 'trends' in the making showing data accumulated over the past several months, but needs to be watched.

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 58.51. (Chart Here) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash.

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 74.20. (Chart Here) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction.

StockChart.com 10 Year Treasury Note Yield Index ($TNX) is at 22.84. (Chart Here)

StockChart.com Consumer Discretionary ETF (XLY) is at 72.03. (Chart Here)

StockChart.com NYSE Composite (Liquidity) Index ($NYA) is at 10,957. (Chart Here) Markets move inverse to institutional selling. We are above the resistance (10,301) but is this a test of the next resistance (triple top) at ~11,109, watch to see if these numbers decline back down. Next stop down is 10600, 9750, then 9250, and 8500.

The longer 6 month outlook is now 40-60 sell and will remain bearish until we can see what the effects are from the oil slide, ECB and the U.S. Fed possibly triggering a deflationary slide. Investors should employ the first thing one learns while in a foxhole; keep their head down.

The DOW at 10:30 is at 18067 up 43 or 0.24%. (Historical High 18,072.48)

The SP500 is at 2085 up 3 or 0.16%. (Historical High 2,086.73)

SPY is at 208.11 up 0.36 or 0.17%.

The $RUT is at 1207 up 5 or 0.38%.

NASDAQ is at 4782 up 17 or 0.35%. (Historical High 5132.52)

NASDAQ 100 is at 4293 up 14 or 0.33%.

$VIX 'Fear Index' is at 14.16 down 0.65 or -4.39%. Bullish to Neutral Movement

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

WTI oil is trading between 57.14 (resistance) and 55.41 (support) today. The session bias is negative and is currently trading down at 55.56. (Chart Here)

Brent Crude is trading between 61.62 (resistance) and 59.78 (support) today. The session bias is negative and is currently trading down at 59.88. (Chart Here)

Gold fell from 1181.12 earlier to 1172.80 and is currently trading down at 1173.80. The current intra-session trend is negative. (Chart Here)

Dr. Copper is at 2.849 falling from 2.872 earlier. (Chart Here)

The US dollar is trading between 90.32 (highest since 2006 and 89.85 is a very substantial resistance) and 90.07 and is currently trading up at 90.26, the bias is currently trending up. (Chart Here) Resistance made in Aug., 2013 (~85.00) has been broken and now is support. This support has gotten much stronger since August, 2014 and isn't likely to fall easily. The next resistance is at ~88.85 set in June, 2010.

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