Market Commentary: Markets Trade Sideways In Quiet Session, Fractionally Trending Downward

July 7th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 07-07-2014

Markets have traded sideways since the opening with the averages trending fractionally downward. Volume has dropped to anemic levels and appears to be another quiet trading day.


Follow up:

If the markets should crash this afternoon, PLEASE, no screaming! You knew it was going to happen. I am planning to get a nap and don't want to be disturbed.

The medium 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 16.15. I would advise caution in taking any position during this volatile period.

Barchart.com shows a 88 % buy. Investing.com members' sentiments are 61 % bearish and Investors Intelligence sets the breath at 69.6 % bullish with the status at Bear Correction. (Chart Here)

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 74.64. (Chart Here)

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 84.40. (Chart Here)

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 12:15 is at 17018 down 50 or -0.29%.

The SP500 is at 1977 down 8 or -0.41%.

SPY is at 197.53 down 0.67 or -0.34%.

The $RUT is at 1192 down 16 or -1.30%.

NASDAQ is at 4457 down 29 or -0.64%.

NASDAQ 100 is at 3910 down 13 or -0.33%.

$VIX 'Fear Index' is at 11.42 up 1.106 or 10.66%. 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 positive and the current bias is down and trading sideways.

How Oil Really Gets Priced

WTI oil is trading between 104.04 (resistance) and 103.20 (support) today. The session bias is negative and is currently trading up at 103.39.

Brent Crude is trading between 110.92 (resistance) and 110.09 (support) today. The session bias is negative and is currently trading up at 110.33.

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

Gold fell from 1317.87 earlier to 1313.20 and is currently trading down at 1316.20. The current intra-session trend is down and sideways. (There is a gap at 1320.46 and I expect gold to climb back up shortly to close this gap.)

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.258 rising from 3.237 earlier.

The US dollar is trading between 80.40 and 80.26 and is currently trading down at 80.27, the bias is currently down and sideways. There is a gap that will be filled in sooner than later that requires the Dollar to retrace its numbers back down to 80.10.

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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