Well, that wasn't pretty when the averages suddenly took a plunge at 10:45 am and is still trending lower because of the Ukraine troops destroying part of the "armed" Russian convoy. The volume up to that point was anemic then turned to heavy and has been falling since.
I am going out on a limb by saying that this new 'conflict' will fade away just like the previous ones with a caveat. The number of World incidences is placing a severe strain on the financial markets and could send them in a tail-spin at some point. So buy the dip as we haven't finished going up just yet!
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. The SP500MACD has turned up, but remains below zero at -5.40. 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 br
StockChart.com Overbought / Oversold Index ($NYMO) is at +35.77. (Chart Here) (Need to type in $NYMO) It is now around the area where it turns and start to descend, but any thing below 30 / 40 is a concern. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and the reverse is true at +40.
StockChart.com Consumer Discretionary ETF (XLY) is at 66.82. (Chart Here)
ath at 58.3 % bullish with the status at BearConfirmed. (Chart Here )
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 62.52. (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.
The DOW at 12:15 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 96.89 (resistance) and 95.32 (support) today. The session bias is positive and is currently trading down at 96.56. (Chart Here)
Brent Crude is trading between 103.69 (resistance) and 102.06 (support) today. The session bias is positive and is currently trading down at 103.22. (Chart Here)
Gold fell from 1316.45 earlier to 1293.91, reversed course and is currently trading up at1308.80. The current intra-session trend is positive. (Chart Here)
Dr. Copper is at 3.100 falling from 3.104 earlier. (Chart Here)
The US dollar is trading between 81.67 and 81.41 and is currently trading down at81.51, the bias is currently negative and volatile. (Chart Here)
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