Market Commentary: Markets Down And Trading Sideways

Written by Gary

Noontime markets were still in the red and trending down as we speak. Volume is falling to lower levels with anemic visions on occasions.

By noon the averages were looking like the bear had taken quite a bite out of the bull as the DOW is down over 70 points and the small caps are racing to catch up. Volume remains low and trading is sideways.

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, but now I am very concerned. The SP500 MACD has turned flat, but remains abovezero at 11.84. 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 65 % 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 61.1% bullish with the status atBearConfirmed. (Chart Here )

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 65.76. (Chart Here) Very close to resistance now and now flatting.

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 75.60. (Chart Here) Remains below support, now resistance and flatting.

StockChart.com 10 Year Treasury Note Yield Index ($TNX) is at 24.98. (Chart Here)Treasury Yield Curve Approaches Flattest Since 2009.

StockChart.com Overbought / Oversold Index ($NYMO) is at -8.71. (Chart Here) (Need to type in $NYMO) It is now around the area where it turns and starts 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 reverse after reaching +40 oversold. Wednesday, 8-20-2014, $NYMO climbed to 58.24 is signaling a market reversal and apparently it has started.

StockChart.com Consumer Discretionary ETF (XLY) is at 68.51. (Chart Here)

The DOW at 12:15 is at 17039 down 73 or -0.43%.

The SP500 is at 1994 down 7 or -0.35%.

SPY is at 199.95 down 0.63 or -0.32%.

The $RUT is at 1164 down 8 or -0.71%.

NASDAQ is at 4578 down 14 or -0.31%.

NASDAQ 100 is at 4087 down 8 or -0.20%.

$VIX 'Fear Index' is at 13.03 up 0.37 or 2.92%. BullishBearishNeutral Movement

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

WTI oil is trading between 93.94 (resistance) and 92.63 (support) today. The session bias is negative and is currently trading down at 92.68. (Chart Here) There is a very large gap at 97.06 and these types of gaps are usually filled sooner rather than later. It would not surprise me to see the oils move back up in the very near future. (Chart Here) (Look at the 5H time scale.)

Brent Crude is trading between 100.62 (resistance) and 99.24 (support) today. The session bias is negative and is currently trading up at 99.42. (Chart Here)

The general consensus is that gold prices will actually fall in the next twelve months (Sept to Aug. 2015). Goldman Sachs estimates that gold will fall to $1,050 an ounce, a drop of nearly 19%.

Gold is volatile and trading from 1258.93 and 1248.77 and is currently trading down at 1249.40. The current intra-session trend is negative. (Chart Here)

Dr. Copper is at 3.101 falling from 3.187 earlier. (Chart Here)

The US dollar is trading between 84.65 and 84.36 and is currently trading up at84.49, the bias is currently neutral and quiet. (Chart Here) >>>> There is a gap below between 83.92 and 83.79, watch out below as this rise is expected to be temporary.<<<<<<

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