The afternoon session was quiet, low volume and a very narrow trading zone which appears to be the end of a consolidation timeout that should lead to higher numbers.
By 4 pm the averages were deathly quiet with only the HFT algo computers at work. Investors are definitely nervous what the next few sessions are going to do. The reality is that we are still in the middle of the cross road and the markets could go either way.
This market needs to get its act together if we plan to see higher highs.
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 flat, but remains below zero at -8.05. 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 44 % 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 58.4 % bullish with the status at BearConfirmed. (Chart Here )
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 62.58. (Chart Here) Very close to support, but rising.
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 71.00. (Chart Here) Rising from support
StockChart.com Overbought / Oversold Index ($NYMO) is at -3.63. (Chart Here) (Need to type in $NYMO) Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50. Being close to the zero mark is good but not out of the woods just yet.
StockChart.com Consumer Discretionary ETF (XLY) is at 66.71. (Chart Here)
The DOW at 4:00 is at 16652 up 91 or 0.55%.
The SP500 is at 1947 up 13 or 0.67%.
SPY is at 195.00 up 1.31 or 0.68%.
The $RUT is at 1142 up 9 or 0.77%.
NASDAQ is at 4434 up 45 or 1.02%.
NASDAQ 100 is at 3949 up 44 or 1.13%.
$VIX 'Fear Index' is at 12.89 down 1.23 or -8.70%. Bullish Movement
The longer trend is up, the past months trend is net gain, the past 5 sessions have been positive and the current bias is elevated, but trading sideways.
WTI oil is trading between 97.75 (resistance) and 96.76 (support) today. The session bias is neutral, volatile and is currently trading up at 97.42. (Chart Here)
Brent Crude is trading between 105.13 (resistance) and 103.26 (support) today. The session bias is positive and is currently trading down at 104.82. (Chart Here)
Gold rose from 1306.09 earlier to 1316.17 and is currently trading up at 1313.00. The current intra-session trend is neutral, volatile and trending sideways. (Chart Here)
Dr. Copper is at 3.116 falling from 3.139 earlier. (Chart Here)
The US dollar is trading between 81.73 and 81.40 and is currently trading up at 81.67, the bias is currently sideways and quiet. (Chart Here)
Real Time Market Numbers
Leading Stock Quotes powered by Investing.com
Comments
Log in or sign up to join the conversation.