Market Commentary: Averages Remain Depressed As Volume Falls

June 12th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 06-12-2014

Averages continued to fall until 10:30 am and then started to melt up recovering almost half of the morning losses but stopping at the minor resistance made in yesterday's low point. Not comforting to see such a minor resistance holding.

By noon the averages were melting downward again, halfway to the morning low point, but on falling volume. Other technical indicators are turning positive and this depressed market may not stay that way, be careful.

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 flat, but remains above zero at 17.70. I would advise caution in taking any position during this volatile transition period although shows a 24 % sell. (down from 40% this morning) members' sentiments are 67 % bearish and Investors Intelligence sets the breath at 67.3 % bullish with the status at Bear Correction.

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 12:00 is at 16781 down 63 or -0.37%.

The SP500 is at 1936 down 8 or -0.39%.

SPY is at 194.18 down 0.73 or -0.38%.

The $RUT is at 1163 down 4 or -0.34%.

NASDAQ is at 4318 down 14 or -0.33%.

NASDAQ 100 is at 3782 down 16 or -0.41%.

$VIX 'Fear Index' is at 12.05 up 0.45 or 3.88%. Neutral Movement

(Follow Real Time Market Averages at end of this article)

The longer trend is up, the past months trend is positive, the past 5 sessions have been mixed and the current bias is negative.

Oil Update by Marc Chandler

WTI oil is trading between 106.51 (resistance) and 104.37 (support) today. The session bias is elevated and sideways and is currently trading down at 105.82.

Brent Crude is trading between 111.79 (resistance) and 109.40 (support) today. The session bias is elevated and volatile and is currently trading down at 111.38.

Maybe I'm Wrong - Justifying $2,000+ Gold by Jeffrey Dow Jones

Gold rose from 1260.10 earlier to 1274.49 and is currently trading up at 1272.20. The current intra-session trend is positive.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.016 falling from 3.047 earlier.

The US dollar is trading between 80.83 and 80.57 and is currently trading up at 80.64, the bias is currently negative and relatively quiet.

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Written by Gary


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