Market Commentary: Averages Mixed on Falling Volume

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

Written by

Opening Market Commentary For 06-27-2014

Today's morning session looks remarkably similar to the past 2 sessions in that the averages have climbed off the morning lows and are slowly melting upwards.

By noon the volume, like the 2 past sessions, has fallen to a low point and only the large caps remain in the red. What remains to be seen is if the averages can close solidly in the green as the caution flags are once again flying.


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 down, but remains above zero at 14.61. I would advise caution in taking any position during this volatile period.

Barchart.com shows a 72 % buy. Investing.com members' sentiments are 59 % bearish and Investors Intelligence sets the breath at 68.5 % bullish with the status at Bear Correction.

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 73.56.

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 83.20.

(Click on $BPNYA or $BPSPX to see chart)

The markets are still susceptible to climbing on 'Bernankellen' vapor, use caution!

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 16821 down 25 or -0.15%.

The SP500 is at 1957 down 0.19 or -0.01%.

SPY is at 195.39 down 0.04 or -0.02%.

The $RUT is at 1185 down 0.48 or -0.04%.

NASDAQ is at 4386 up 7 or 0.16%.

NASDAQ 100 is at 3832 up 5 or 0.14%.

$VIX 'Fear Index' is at 11.69 up 0.06 or 0.53%. 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 net neutral and the current bias is down and trending up.

How Oil Really Gets Priced

WTI oil is trading between 105.18 (resistance) and 105.33 (support) today. The session bias is negative and is currently trading down at 105.56.

Brent Crude is trading between 113.70 (resistance) and 112.91 (support) today. The session bias is negative and is currently trading down at 113.19.

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

Gold fell from 1323.10 earlier to 1313.55 reversed direction and is currently trading up at 1320.10. The current intra-session trend is positive.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.171 falling from 3.189 earlier.

The US dollar is trading between 80.26 and 80.11 and is currently trading down at 80.15, the bias is currently negative.

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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