Market Commentary: Market Decent Slowed On Anemic Volume, Investors Concerned

Written by Gary

US dollar testing resistance and not good news for equities if it rises above. Noonday markets remain depressed as the $RUUT completes the 'Death Cross' (See thumbnail below) and investors give up on the Fed, at least for the day.

By noon the market decent had slowed and trading was on a sideways trend on anemic volume as investors remained concerned.

The $RUT is the first major average to make the 'Death Cross' happen, watch closely for others to follow suit, IF in fact we have a prolonged soft spot emerging.

The medium term indicators are leaning towards the hold side at the midday and the short-term market direction meter is bearish. We remain mostly, at best, neutraland conservatively holding. The important DMA's, volume and a host of other studies have not turned significantly and that is not enough for me to start shorting, but now I am getting very concerned. The SP500 MACD has turned flat, but remains above zero at 7.54. I would advise caution in taking any position during this uncertain period although some technical indicators have starting to turn bearish. members' sentiments are 77 % Bearish and it seems to be a good sign for being bullish. The 'Sheeples' always seem to get it wrong.

Investors Intelligence sets the breath at 58.9 % bullish with the status at BearConfirmed. (Chart Here ) NYSE Bullish Percent Index ($BPNYA) is at 62.88. (Chart Here) Very close to support and falling. S&P 500 Bullish Percent Index ($BPSPX) is at 71.60. (Chart Here) Remains midway between resistance and support and is now descending further. 10 Year Treasury Note Yield Index ($TNX) is at 25.55. (Chart Here)Treasury Yield Curve Approaches Flattest Since 2009. Overbought / Oversold Index ($NYMO) is at -28.53. (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.

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