Market Commentary: Large Caps Down, Small Caps Up, Volume Low

One mini 'Black Swan' and the markets go nuts, but I guess it could have been worse. Ukrainian forces blow up a couple of Russian trucks and the markets take a dive, excellent news for the BTFDers.

By 4 pm the averages had regained some of the earlier losses, but on low volume thanks to the HFT algo computers.

Investors are wary of unknown Ukraine / Russian escalation problems that could crop up over the weekend and decided to opt out. Probably a good strategy considering the other World 'issues' going on.

The medium term indicators are leaning towards the hold side at the close. 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 -4.76. 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 47 % bearish.

Investors Intelligence sets the breath at 58.3 % bullish with the status at BearConfirmed. (Chart Here )

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 62.45. (Chart Here) Very close to support.

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 71.20. (Chart Here) Remains below support, now resistance.

StockChart.com Overbought / Oversold Index ($NYMO) is at +35.77. (Chart Here) (Need to type in $NYMO) It is now around the area where it turns and start to descend, but any thing below 30 / 40 is a concern. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and the reverse is true at +40.

StockChart.com Consumer Discretionary ETF (XLY) is at 67.12. (Chart Here)

The DOW at 4:00 is at 16598 down 115 or -0.69%.

The SP500 is at 1945 down 10 or -0.51%.

SPY is at 194.74 down 1 or -0.53%.

The $RUT is at 1133 down 10 or -0.90%.

NASDAQ is at 4434 down 19 or -0.42%.

NASDAQ 100 is at 3958 down 10 or -0.26%.

$VIX 'Fear Index' is at 14.37 up 1.95 or 15.78%. Bearish 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 negative.

WTI oil is trading between 97.41 (resistance) and 95.32 (support) today. The session bias is positive and is currently trading down at 97.05. (Chart Here)

Brent Crude is trading between 103.69 (resistance) and 102.06 (support) today. The session bias is positive and is currently trading up at 103.19. (Chart Here)

Gold fell from 1316.45 earlier to 1293.91, reversed course and is currently trading up at1305.70. The current intra-session trend is sideways. (Chart Here)

Dr. Copper is at 3.107 rising from 3.087 earlier. (Chart Here)

The US dollar is trading between 81.67 and 81.41 and is currently trading up at 81.47, the bias is currently negative and volatile. (Chart Here)

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