Market Commentary: Last Minute Sell-Off Brings Averages Down Off Session Highs

April 17th, 2014
in Gary's blogging, market close

Written by

Closing Market Commentary For 04-17-2014

Markets closed with the DOW in the red and everything else in the green. The NASSDAQ did relatively well closing up +0.20%. There was a moderately heavy, but brisk sell-off towards the closing and was the reason the DOW closed in the red.

By 4 pm many investors got cold feet and decided to jump ship, but doesn't reflect the views of many bulls counting on Mr. Market to push the averages higher on Monday morning.


Follow up:

The short term indicators are leaning towards the hold side at the closing. 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 on the large caps have not turned, only a past 6% correction (and recovery) and that is not enough for me to start shorting. The MACD (NASDAQ) has turned down slightly and is at -51.20. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 48 % sell. (Remember this has been negative for weeks.)

If you would like to get advanced buy/sell tweets, sign-up in the column to the right of this post by clicking on the 'Follow' button. Write me with suggestions and I promise not to bite.

The DOW at 4:00 is at 16408 down 16 or -0.10%.

The SP500 is at 1865 down 2.54 or -0.14%.

SPY is at 186.43 up 0.27 or 0.14%.

The $RUT is at 1138 up 6 or 0.54%.

NASDAQ is at 4096 up 9 or 0.23%.

NASDAQ 100 is at 3535 up 1.447 or -0.04%.

$VIX 'Fear Index' is at 13.36 down 0.82 or -5.78%. 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 positive and the current bias is negative and volatile.

Risk On for Oil

WTI oil is trading between 104.75 (resistance) and 103.56 (support) today. The session bias is positive and is currently trading up at 104.48.

Brent Crude is trading between 110.16 (resistance) and 108.07 (support) today. The session bias is positive and is currently trading down at 109.72.

Gold fell from 1304.34 earlier to 1293.40 and is currently trading up at 1294.80. The current intra-session trend is negative.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.048 rising from 3.022 earlier.

The US dollar is trading between 79.94 and 79.65 and is currently trading up at 79.94, the bias is currently positive.

Real Time Market Numbers

 

 

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

gary@econintersect.com

 

Written by Gary

 









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