Written by Gary
Midday Market Commentary For 04-09-2014
The averages tested the morning highs, retreated, but remained in the green on anemic volume forming a triangle pattern which will breakout. Maybe a triple top, which way is the question?
By noon the sea-saw sideways trading continued on anemic volume as investors and traders await for the breakout, most likely after the Feds releases minutes of the March 18-19 meeting.
There have many pundits warning of a market top and here is another.
The 1900 target for the S&P 500 that Credit Suisse since the start of the year but are seeing increasing signs of a market top with a meaningful correction lower likely to emerge.
Volume divergences, DeMark clusters, and reversal days all point to weakness and, as CS concludes, a break of 1844/34 (for
The short 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, only a past 6% correction (and recovery) and that is not enough for me to start shorting. The MACD has turned down slightly, but remains above zero. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 24 % sell. (Remember this has been negative for weeks.)
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The DOW at 12:00 is at 16313 up 56 or 0.35%.
The SP500 is at 1858 up 6 or 0.32%.
SPY is at 185.70 up 0.60 or 0.32%.
The $RUT is at 1149 up 5 or 0.41%.
NASDAQ is at 4143 up 30 or 0.73%.
NASDAQ 100 is at 3565 up 27 or 0.77%.
$VIX 'Fear Index' is at 14.53 down 0.36 or -2.42%. Bullish Movement
(Follow Real Time Market Averages at end of this article)
The longer trend is up, the past months trend is sideways, the past 5 sessions have been mostly down and the current bias is elevated, but negative trending.
WTI oil is trading between 102.05 and 102.87 today. The session bias is elevated, but sideways and is currently trading up at 102.80.
Brent Crude is trading between 107.13 and 108.07 today. The session bias is elevated, but sideways and is currently trading up at 107.92.
Gold fell from 1314.28 earlier to 1301.29 and is currently trading up at 1305.80. The current intra-session trend is depressed and sideways.
Dr. Copper is at 3.019 falling from 3.057 earlier.
The US dollar is trading between 79.95 and 79.69 and is currently trading up at 79.74, the bias is currently slightly negative.
Real Time Market Numbers
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Written by Gary