Written by Gary
Midday Market Commentary For 05-30-2014
Well, I was incorrect in my assumption the markets wouldn't do well today in that the SP500 made new highs (1621.48), but the DOW refuses to party with the other bulls and remains in the red. The small caps remain mixed, flat and lackluster all morning, plus the volume remains low with the $VIX creeping down to May, 2013 lows of 11.03. Normally a falling $VIX would be bullish, this time around it is complacency and that is a danger sign.
By 10:30 am the averages had stopped descending and started trending up, while remaining mixed and flat at the noon hour. The SP500 tried again to best its new high and just couldn't quite make it higher.
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 11.60. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 24 % sell. (Was 40% sell this morning.) Investing.com members' sentiments are 68 % bearish.
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The DOW at 12:00 is at 16681 down 18 or -0.11%.
The SP500 is at 1921 up 1 or 0.06%.
SPY is at 192.50 up 0.13 or 0.07%.
The $RUT is at 1137 down 3.42 or -0.30%.
NASDAQ is at 4245 down 2 or -0.06%.
NASDAQ 100 is at 3739 up 4 or 0.10%.
$VIX 'Fear Index' is at 11.45 down 0.12 or -1.04%. Neutral Movement
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The longer trend is up, the past months trend is upwards, the past 5 sessions have been positive and the current bias is mixed with a positive slant.
WTI oil is trading between 103.93 (resistance) and 102.66 (support) today. The session bias is negative and is currently trading down at 102.76.
Brent Crude is trading between 110.36 (resistance) and 109.27 (support) today. The session bias is negative and is currently trading down at 109.41.
Gold fell from 1260.62 earlier to 1242.50 and is currently trading down at 1242.50. The current intra-session trend is negative.
Dr. Copper is at 3.127 falling from 3.159 earlier.
The US dollar is trading between 80.55 and 80.36 and is currently trading down at 80.40, the bias is currently negative.
Real Time Market Numbers
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Written by Gary