Written by Gary

The SP500 and the DOW never went above their supports. For the 500 it was the 50 DMA and the DOW, NASDAQ, $NDX and $$RUT it was the down-trend line that needed to be penetrated and wasn't.

By noon the chart slopes were sliding quickly on moderate volume as some bearish investors are throwing in the towel as the SP500 closes in on the 100 DMA.

The medium term indicators are leaning towards the hold side at the midday and the short-term market direction meter is neutral, trending to the bearish side. We remain mostly, at best, neutral and 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 SP500MACD has turned flat, but remains below zero at -6.71. 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 59 % Bearish and it seems to be a good sign for being bullish. The 'Sheeples' always seem to get it wrong.

Investors Intelligence sets the breath at 49.5 % bullish with the status at BearConfirmed. (Chart Here )

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 53.23. (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 65.20. (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 24.25. (Chart Here)

StockChart.com Overbought / Oversold Index ($NYMO) is at -27.12. (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 66.60. (Chart Here)

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) is at45.31 %. (Chart Here) Unless this downward trend reverses itself soon, we are going to see further downside

The DOW at 12:00 is at 16982 down 27 or -0.16%.

The SP500 is at 1963 down 4 or -0.23%.

SPY is at 195.12 down 0.42 or -0.20%.

The $RUT is at 1097 down 8 or -0.72%.

NASDAQ is at 4456 down 19 or -0.42%.

NASDAQ 100 is at 4016 down 11 or -0.27%.

$VIX 'Fear Index' is at 15.41 up 0.81 or 5.57%. Bearish Movement

The longer trend is up, the past months trend is net neutral, the past 5 sessions have been down and the current bias is negative.

WTI oil is trading between 90.40 (resistance) and 88.79 (support) today. The session bias is negative and is currently trading down at 89.48. (Chart Here)

Brent Crude is trading between 93.11 (resistance) and 91.25 (support) today. The session bias is negative and is currently trading up at 91.72. (Chart Here)

Gold rose from 1187.75 earlier to 1204.05 and is currently trading up at 1202.80. The current intra-session trend is positive. (Chart Here)

Dr. Copper is at 3.036 rising from 2.991 earlier. (Chart Here)

The US dollar is trading between 86.77 and 86.24 and is currently trading up at86.28, the bias is currently negative. (Chart Here) Resistance made in Aug., 2013 ($85.00) has been broken.

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