Market Commentary: Markets Open Up Testing Upper Resistance

October 18th, 2013
in Gary's blogging, market open

Written by

Opening Market Commentary For 10-18-2013

Markets opened up cautiously (+0.10%) after the premarkets were flat until the opening bell. Volume is low and the DOW has remained in the red but closer to the positive line. Small caps are pushing ahead at +0.85% which is bullish, but being so close to previous highs I would consider this a test of that resistance.

Follow up:

The DOW especially is testing its resistance and could be a bellwether signal of Mr. Markets intentions, up or down. The charts are looking increasingly more like the 2008 markets and that in itself is scary as the averages are where no market has gone before.

I am glad I waited until today to take a position in some inverse ETF's as this casino market will take your money if you guess incorrectly.

The DOW at 10:30 is at 15341 down 31 or -0.19%.

The SP500 is at 1737 up 4 or 0.24%.

SPY is at 173.69 up 0.47 or 0.27%.

The $RUT is at 1107 up 4 or 0.40%.

NASDAQ is at 3890 up 27 or 0.69%.

NASDAQ 100 is at 3333 up 32 or 0.96%.

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

How Oil Really Gets Priced

WTI oil is trading between 101.71 and 100.52 today. The session bias is negative and is currently trading down at 100.98.

Brent Crude is trading between 110.24 and 108.96 today. The session bias is negative and is currently trading up at 109.39.

Gold fell from 1325.86 earlier to 1313.39 and is currently trading down at 1316.30.

Here's why copper has lost its indicator role

Dr. Copper is at 3.305 falling from 3.319 earlier.

The US dollar is trading between 79.82 and 79.55 and is currently trading down at 79.68, the bias is currently sideways.

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


Written by Gary


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