Written by Gary
Closing Market Commentary For 05-06-2014
The averages made another dip during the afternoon session and then traded sideways. During the final minutes there was the traditional minor sell-off and I guess everyone was happy - for today anyway.
By 4 pm the averages basically turned in a poor report card that seems to get worse each session. The bulls do not seem to have the Mojo to push the numbers into higher territory which does not bode well for a positive session tomorrow.
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 flat, but remains above zero at 5.91. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 40 % buy. (Remember this has been negative for weeks.) Investing.com members' sentiments are 60 % bearish.
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The DOW at 4:00 is at 16401 down 130 or -0.78%.
The SP500 is at 1868 down 17 or -0.90%.
SPY is at 186.88 down 1.64 or -0.87%.
The $RUT is at 1108 down 18 or -1.62%.
NASDAQ is at 4081 down 57 or -1.38%.
NASDAQ 100 is at 3557 down 49 or -1.35%.
$VIX 'Fear Index' is at 13.85 up 0.56 or 4.21%. Bearish Movement
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The longer trend is up, the past months trend is sideways, the past 5 sessions have been sideways and the current bias is negative.
WTI oil is trading between 100.40 (resistance) and 99.34 (support) today. The session bias is negative and is currently trading down at 99.61.
Brent Crude is trading between 108.21 (resistance) and 107.00 (support) today. The session bias is negative and is currently trading down at 107.02.
Gold fell from 1314.22 earlier to 1304.91 and is currently trading down at 1307.70. The current intra-session trend is sideways.
Dr. Copper is at 3.052 falling from 3.062 earlier.
The US dollar is trading between 79.56 and 79.09 and is currently trading up at 79.15, the bias is currently sideways. (very light activity)
Real Time Market Numbers
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Written by Gary