Market Commentary: Averages Close In the Green, But Mixed Signals Persist

April 24th, 2014
in Gary's blogging, market close

Written by

Closing Market Commentary For 04-24-2014

If you were not paying attention, the market would have closed today and you wouldn't have noticed. The SP500 coasted along all afternoon session trading within a very narrow band on light volume and closed the same way.

By 4 pm the DOW closed 26 cents down from yesterday's close, otherwise everything else close in the green except the $RUT. The $NDX closed up +0.96, SPY up +0.20% and Citrix Systems (CTXS), trading up 7.1% on the day. It may be the quiet before the storm as $NDX leads in gains while the $RUT sinks. Mixed messages are not a good sign when the markets are already in no mans land.


Follow up:

The short term indicators are leaning towards the hold side at the close. 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 SP500 MACD has turned up, but remains above zero at 4.21. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 24 % buy. (Remember this has been negative for weeks.) Investing.com members' sentiments are 70% bearish.

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 16501 even or 0.00%.

The SP500 is at 1879 up 3.22 or 0.17%.

SPY is at 187.80 up 0.38 or 0.20%.

The $RUT is at 1144 down 2.73 or -0.24%.

NASDAQ is at 4148 up 21 or 0.52%.

NASDAQ 100 is at 3591 up 34 or 0.96%.

$VIX 'Fear Index' is at 13.32 up 0.05 or 0.38%. Neutral 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 elevated and trending sideways.

How Oil Really Gets Priced

WTI oil is trading between 102.31 (resistance) and 101.42 (support) today. The session bias is sideways and volatile and is currently trading down at 101.92.

Brent Crude is trading between 110.60 (resistance) and 109.07 (support) today. The session bias is positive and is currently trading down at 110.38.

Gold rose from 1268.73 earlier to 1298.06 and is currently trading down at 1292.90. The current intra-session trend is sideways.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.115 rising from 3.055 earlier.

The US dollar is trading between 80.05 and 79.81 and is currently trading down at 79.85, the bias is currently negative and volatile.

Real Time Market Numbers

 

 

Leading Stock Quotes powered by Investing.com

 

 

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

gary@econintersect.com

 

Written by Gary

 









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