Markets marched, albeit slowly, up to new session highs from the dismal flat status we saw this morning.
By noon the were trending upwards, but I am not sure how much steam is left in today's market. The volume has dried up and the HFT algo computers are the only traders it seems.
I do not think this market is out of the bears clutches just yet. The past 5 days is a good sign, but the march upwards is taking way too long and that is a concern. One note of short-term concern is that our proprietary market direction meter shows a distinct bearish signal which could signal the markets will retreat.
The medium term indicators are leaning towards the hold side at the midday. The all important signs of reversal, up or down, have not been observed so we are mostly, at best, neutral and conservatively holding. The important DMA's, volume and a host of other studies have not turned and that is not enough for me to start shorting. The SP500MACD has turned up, but remains below zero at -6.45. I would advise caution in taking any position during this uncertain period although some technical indicators are starting to turn bearish.
Investing.com members' sentiments are 48 % bearish and when it switches over to bullish, as it did on Tuesday 8-5, watch for the market bottom to fall out some are saying as the markets usually go against 'Sheeple' buying high and selling low.
Investors Intelligence sets the breath at 58.2 % bullish with the status at BearConfirmed. (Chart Here )
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 62.52. (Chart Here) Very close to support, but rising.
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 71.00. (Chart Here) Remains below support, now resistance.
StockChart.com Overbought / Oversold Index ($NYMO) is at +21.17. (Chart Here) (Need to type in $NYMO) Oversold conditions on the NYSE McClellan. It is around the area where it turns and start to descend, but any thing below 30 / 40 is a concern.
StockChart.com Consumer Discretionary ETF (XLY) is at 66.96. (Chart Here)
The DOW at 12:30 is at 16688 up 37 or 0.22%.
The SP500 is at 1952 up 5 or 0.27%.
SPY is at 195.42 up 0.59 or 0.30%.
The $RUT is at 1143 up 1 or 0.12%.
NASDAQ is at 4444 up 10 or 0.21%.
NASDAQ 100 is at 3958 up 9 or 0.22%.
$VIX 'Fear Index' is at 12.79 down 0.11 or -0.85%. 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 trading sideways.
WTI oil is trading between 97.58 (resistance) and 95.91 (support) today. The session bias is negative and is currently trading down at 96.03. (Chart Here)
Brent Crude is trading between 105.09 (resistance) and 102.42 (support) today. The session bias is negative and is currently trading down at 102.53. (Chart Here)
Gold rose from 1310.22 earlier to 1320.58 and is currently trading up at 1313.60. The current intra-session trend is neutral and volatile. (Chart Here)
Dr. Copper is at 3.086 falling from 3.119 earlier. (Chart Here)
The US dollar is trading between 91.75 and 81.45 and is currently trading up at 81.62, the bias is currently positive. (Chart Here)
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