Written by Gary
Closing Market Commentary For 05-22-2014
Markets remained elevated throughout the afternoon session, but started to melt off the afternoon highs about 3 pm on low volume.
By 4 pm the averages were showing weakness that does not bode well for Holiday weekend. Just a SWAG here, but I would not be at all surprised to see the markets down tomorrow - we will see.
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 5.45. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 24 % sell. (Looks right.) Investing.com members' sentiments are 67 % bearish.
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The DOW at 4:00 is at 16543 up 10 or 0.06%.
The SP500 is at 1892 up 4.46 or 0.24%.
SPY is at 189.56 up 0.46 or 0.24%.
The $RUT is at 1114 up 10 or 0.93%.
NASDAQ is at 4154 up 23 or 0.55%.
NASDAQ 100 is at 3651 up 15 or 0.42%.
$VIX 'Fear Index' is at 12.00 up 0.09 or 0.76%. 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 negative and volatile.
WTI oil is trading between 104.18 (resistance) and 103.56 (support) today. The session bias is negative and is currently trading down at 103.83.
Brent Crude is trading between 111.01 (resistance) and 110.16 (support) today. The session bias is negative and is currently trading down at 110.41.
Gold rose from 1290.24 earlier to 1303.88 and is currently trading up at 1294.90. The current intra-session trend is sideways.
Dr. Copper is at 3.140 rising from 3.120 earlier.
The US dollar is trading between 80.10 and 80.32 and is currently trading up at 80.29, the bias is currently positive and volatile.
Real Time Market Numbers
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Written by Gary