Market Commentary: Markets Opened Flat, See-Sawing Across Unchanged Line, Averages Mixed

Premarkets were flat and the markets opened initially down fractionally on moderate volume then sea-sawed back up to a +0.2% level.

By 10 am the markets were relatively quiet and mixed on falling volume taking a rest from the past 3 sessions of very large gains. Some analysts and investors are questioning whether we have seen the bottom and are waiting for the next train out of the station.

Our medium term indicators are leaning towards sell portfolio of non-performersat the opening and the short-term market direction meter is neutral. We remain mostly, at best, negative and conservatively bullish. The important DMA's, volume and a host of other studies have now turned and may be enough for some to start shorting. Right now now I am getting very concerned the current downtrend will get more aggressive in the short-term and volatility may promote sudden reversals. The SP500 MACD has turned up, but remains below zero at -18.30. 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 40 % Bearish (falling from 70% and now rising from 33%) 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 40.1 % bullish with the status at BearConfirmed.

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 42.23. Below support zone but rising. Next stop was ~57, then ~44, below that is where we will most likely see the markets crash. We are seriously below 44 and need a reversal pronto as it looks like there is nothing to stop the fall until 25 and taking the markets with it.

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 45.40. In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. The next stop now is ~37.00.

StockChart.com 10 Year Treasury Note Yield Index ($TNX) is at 22.48.

StockChart.com Overbought / Oversold Index ($NYMO) is at 65.30. 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. (Now were in excellent shape to descend again - watch out!)

StockChart.com Consumer Discretionary ETF (XLY) is at 66.26.

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) is at46.23 %. The downside decent has reversed, but will it continue to rise? The next support is ~37.00, ~25.00 and ~15.00 below that. December, 2012 was the last time we saw numbers this low.

StockChart.com NYSE Composite (Liquidity) Index ($NYA) is at 10494. We are above the resistance (10,301) but is this a test of the next resistance at ~10600, stay tuned. Next stop down is 9750, then 9250, and 8500.

The longer 6 month outlook is now 30-70 sell (probably should be 20-80 sell) and will remain bearish until we can see what the effects are in the Fed's game plan.Sooner or later brighter skies will return over the market. Until then, investors should employ the first thing one learns while in a foxhole; keep their head down.

The DOW at 10:15 is at 16630 up 17 or 0.10%.

The SP500 is at 1945 up 4 or 0.20%.

SPY is at 194.50 up 0.41 or 0.21%.

The $RUT is at 1114 up 1 or 0.13%.

NASDAQ is at 4425 up 5 or 0.11%.

NASDAQ 100 is at 3978 up 6 or 0.16%.

$VIX 'Fear Index' is at 15.95 down 0.15 or -0.93%. Bullish to Neutral Movement

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

WTI oil is trading between 83.12 (resistance) and 82.28 (support) today. The session bias is neutral, tending down and is currently trading up at 85.54.

Acording to Rob Kurzatkowski, Senior Commodity Analyst at OptionsExpress.com, ". . . we see the December Crude Oil contract holding above the $80 level. To this point, the contract has held up at this technical support level. More stout support can be found around the $75 mark, should Oil fail to hold $80. The result of recent price weakness has been oversold technical levels. The 14-day RSI is in the mid-teens, which could be supportive of prices in the near term. In order to gain some traction,Crude Oil prices may need to post several closes north of the $85 mark."

Brent Crude is trading between 87.05 (resistance) and 86.19 (support) today. The session bias is trending up and is currently trading up at 86.72.

Gold fell from 1250.20 earlier to 1241.67 and is currently trading up at 1244.90. The current intra-session trend is trending down.

Dr. Copper is at 3.016 falling from 3.044 earlier.

The US dollar is trading between 85.84 and 85.32 and is currently trading down at85.75, the bias is currently positive. Resistance made in Aug., 2013 (~85.00) has been broken and now is support.

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