Averages Melt Up Close Previous Gaps – Now What?

September 11th, 2013
in Gary's blogging, midday post

Written by

Midday Market Commentary For 09-11-2013

Markets improved melting upwards from the morning lows, but remained mixed and flat while the DOW is 80+ points up. The NASDAQ is off yesterday's historical highs but below today's opening gap down.

Very strange market as it tries to test the resistance waters but not getting anywhere. The 'big gap' for most of the averages from August 14 was closed and now a new one lies below, indicating some downward pressure coming up soon.

Follow up:

Unlikely we will see any type of surge upward today as this resistance is quite formidable. If we continue to consolidate at this level instead of declining, we could very well see a test of the highs made at the beginning of August this year.

The odds are favoring the bears at this point at 70 to 80% sell and a 15 to 20% buy, but the jury is still out on the longer term indicators. There are indications were will see another slight melt up, but unsure where this event will occur.

The DOW at 12:15 is at 15281 up 90 or 0.60%.

The SP500 is at 1686 up 5 or 0.10%.

SPY is at 169.05 up 0.18 or 0.11%.

The $RUT is at 1056 up 0.27 or 0.03%.

NASDAQ is at 3721 down 8 or -0.21%.

NASDAQ 100 is at 3174 down 11 or -0.34%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is sideways with a negative slant.

How Oil Really Gets Priced

WTI oil is trading between 106.58 and 108.05 today. The session bias is sideways and is currently trading down at 107.84.

Brent Crude is trading between 111.02 and 112.50 today. The session bias is negative and is currently trading down at 111.67.

Gold fell from 1368.19 earlier to 1357.67 and is currently trading down at 1362.50.

Here's why copper has lost its indicator role

Dr. Copper is at 3.260 falling from 3.281 earlier.

The US dollar is trading between 81.94 and 81.51 and is currently trading up at 81.62, the bias is currently neutral.

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

 

Written by Gary

 















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