Market Commentary: SP500 Makes New High Again As Averages Melt Downward

May 27th, 2014
in Gary's blogging, midday post

Written by

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.


Follow up:

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.

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 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

(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 up and the current bias is elevated and sideways.

How Oil Really Gets Priced

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.

Analysts forecast a corrosive year for copper prices

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

 

 

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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