Interesting session in that today's session appears to have been a relief rally and Mr. Market promises some more damaging declining to come if the spinning top candlestick formations are NOT confirmed tomorrow. If the market does reverse tomorrow, we may have seen a mid-term bottom.
By 4 pm there was heavier than normal volume during the last 15 minutes of trading. Whatever happens, be careful as volatility is much greater and large swings are possible that will catch any 'Sheeples' sleeping at the switch.
I sold my reverse ETF having made a substantial profit and went long on another ETF as it is quiet possible we have seen a midterm bottom. The reverse trend represented by spinning top candle formation have been 100% correct over the past month and that is how I made my last minute decision.
'Don't panic, it's only a correction' says, Cam Hui. This article below is a must read as Cam says, 'short-term technical conditions are screaming "bounce"!' EXACTLY what I have been saying.
Our medium term indicators are leaning towards the sell to lighten portfolio of non-performers at the midday and the short-term market direction meter is very bearish. We remain mostly, at best, slightly negative and conservatively bullish. The important DMA's, volume and a host of other studies have are now turning and that is still not enough for me to start shorting, but now I am getting very concerned the current downtrend will get more aggressive. The SP500 MACD has turned down, but remains below zero at -22.98. 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.
Investing.com members' sentiments are 39 % Bearish (falling from 70%) and it seems to be a good sign for being bearish. The 'Sheeples' always seem to get it wrong.
Investors Intelligence sets the breath at 40.8 % bullish with the status at BearConfirmed. (Chart Here )
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 43.31. (Chart Here) Below support zone and apparently going further down. Next stop was ~57 and now it is ~44, below that is where we will most likely see the markets crash. We are there and need a reversal pronto.
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 49.00. (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 ($TNX) is at 22.06. (Chart Here)
StockChart.com Overbought / Oversold Index ($NYMO) is at -67.70. (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 -63.68. (Chart Here)
StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) is at 29.34 %. (Chart Here) Unless this downward trend reverses itself soon, we are going to see further downside. The next support is ~37.00 and ~25.00 below that.
StockChart.com NYSE Composite (Liquidity) Index ($NYA) is at 10194. (Chart Here)
The DOW at 4:00 is at 16315 down 5.75 or -0.04%.
The SP500 is at 1878 up 3 or 0.16%.
SPY is at 188.13 up 0.29 or 0.15%.
The $RUT is at 1062 up 12 or 1.17%.
NASDAQ is at 4227 up 14 or 0.32%.
NASDAQ 100 is at 3810 up 2 or 0.06%.
$VIX 'Fear Index' is at 23.24 down 1.37 or -5.56%. Bearish Movement
The longer trend is up, the past months trend is negative, the past 5 sessions have been negative and the current bias is trending sideways.
WTI oil is trading between 85.59 (resistance) and 81.43 (support) today. The session bias is negative and is currently trading down at 81.96. (Chart Here)
Brent Crude is trading between 89.27 (resistance) and 84.82 (support) today. The session bias is negative and is currently trading up at 85.47. (Chart Here)
Gold rose from 1231.99 earlier to 1231.30 and is currently trading down at 1231.79. The current intra-session trend is trending down. (Chart Here)
Dr. Copper is at 3.078 rising from 3.031 earlier. (Chart Here)
The US dollar is trading between 85.99 and 85.20 and is currently trading down at 85.92, the bias is currently elevated and sideways. (Chart Here) Resistance made in Aug., 2013 (85.00) has been broken and now is support.
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