Written by Gary
Closing Market Commentary For 05-14-2014
I didn't expect the market to melt down so far in this session, but not unexpected either after just having made new highs the day before. Markets tend to pull back somewhat from being oversold and relieve the situation.
By 4 pm the large caps were off -0.45%, the small caps off -0.70% and the Russel 2000 got slammed again at -1.61% plus falling below the 200 DMA. The small caps may be foretelling of a market decline that savvy investors have been worried about.
The averages look tired and the bull has laid down for a nap it seems.
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 and that is not enough for me to start shorting. The SP500 MACD has turned up, but remains above zero at 7.66. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 24 % sell. Investing.com members' sentiments are 69 % bearish.
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The DOW at 4:00 is at 16614 down 101 or -0.61%.
The SP500 is at 1889 down 8.92 or -0.47%.
SPY is at 189.12 down 0.90 or -0.47%.
The $RUT is at 1103 down 18 or -1.61%.
NASDAQ is at 4101 down 30 or -0.72%.
NASDAQ 100 is at 3593 down 18 or -0.50%.
$VIX 'Fear Index' is at 12.17 up 0.04 or 0.33%. Neutral Movement
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The longer trend is up, the past months trend is sideways, the past 5 sessions have been positive and the current bias is negative.
WTI oil is trading between 102.63 (resistance) and 101.24 (support) today. The session bias is negative and is currently trading down at 102.03.
Brent Crude is trading between 109.54 (resistance) and 107.91 (support) today. The session bias is positive and is currently trading up at 109.27.
Gold rose from 1291.68 earlier to 1309.16 and is currently trading up at 1305.90. The current intra-session trend is elevated and sideways.
Dr. Copper is at 3.155 falling from 3.175 earlier.
The US dollar is trading between 80.18 and 80.05 and is currently trading down at 80.12, the bias is currently sideways.
Real Time Market Numbers
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Written by Gary