Written by Gary
Midday Market Commentary For 05-27-2014
The SP500 made another new high at 1911 and has since moved off the morning highs.
The volume is pathetic at anemic levels and future market direction is in doubt. By12:15 there appeared to be a downward melting, but the averages were still in green territory.
The short term indicators are leaning towards the hold side at the midday. 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 7.60. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 64 % buy. Investing.com members' sentiments are 70 % bearish.
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The DOW at 12:30 is at 16652 up 47 or 0.28%.
The SP500 is at 1908 up 7 or 0.39%.
SPY is at 191.13 up 0.78 or 0.41%.
The $RUT is at 1138 up 12 or 1.09%.
NASDAQ is at 4218 up 32 or 0.77%.
NASDAQ 100 is at 3703 up 26 or 0.70%.
$VIX 'Fear Index' is at 11.69 up 0.33 or 2.90%. Bearish Movement
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The longer trend is up, the past months trend is sideways, the past 5 sessions have been up and the current bias is elevated and sideways.
WTI oil is trading between 104.49 (resistance) and 103.57 (support) today. The session bias is negative and is currently trading down at 103.97.
Brent Crude is trading between 110.80 (resistance) and 109.71 (support) today. The session bias is negative and is currently trading down at 109.94.
Gold fell from 1293.48 earlier to 1266.08 and is currently trading down at 1266.70. The current intra-session trend is negative.
Dr. Copper is at 3.174 falling from 3.191 earlier.
The US dollar is trading between 80.52 and 80.22 and is currently trading up at 80.50, the bias is currently positive and volatile.
Real Time Market Numbers
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Written by Gary