Market Commentary: Averages Remain In Tight Trading Range On Mostly Anemic Volume

July 14th, 2014
in Gary's blogging, market close

Written by

Closing Market Commentary For 07-14-2014

Markets closed after a relatively quiet day with volume mostly in the anemic range and the $VIX staying in the high11's for most of the afternoon.

By 4 pm the averages ended higher, but at a level that was about where it had opened. Investors are not sure what to do; buy, sell or just hold out for a while longer remains the question.


Follow up:

The medium term indicators are leaning towards the hold side at the close. 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 12.17. I would advise caution in taking any position during this volatile period.

Barchart.com shows a 88 % buy. (Been at 88% for the last 5 sessions, I think their meter is broken) Investing.com members' sentiments are 61 % bearish and Investors Intelligence sets the breath at 67.7 % bullish with the status at Bear Correction. (Chart Here *)

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 72.67. (Chart Here )

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 84.20. (Chart Here )

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 4:00 is at 17055 up 112 or 0.66%.

The SP500 is at 1977 up 10 or 0.48%.

SPY is at 197.54 up 1 or 0.52%.

The $RUT is at 1166 up 6 or 0.49%.

NASDAQ is at 4440 up 25 or 0.56%.

NASDAQ 100 is at 3929 up 25 or 0.64%.

$VIX 'Fear Index' is at 11.82 down 0.26 or -2.15%. 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 elevated and sideways.

Oil stays near $101 a barrel; US gasoline prices slip to 3-month low

WTI oil is trading between 101.16 (resistance) and 100.26 (support) today. The session bias is positive, volatile and is currently trading down at 101.06.

Brent Crude is trading between 108.10 (resistance) and 106.30 (support) today. The session bias is elevated and is currently trading down at 107.59. (Note: there is a 32 cent gap at 106.62 that needs to be filled. Occurred at 11:30 am on 7-13-2014)

Gold prices sink as worries over Europe that drove prices up last week dissipate

Gold fell from 1340.57 earlier to 1304.11 and is currently trading down at 1308.70. The current intra-session trend is negative and trading sideways.

Dr. Copper is at 3.255 falling from 3.294 earlier.

The US dollar is trading between 80.28 and 80.11 and is currently trading down at 80.22, the bias is currently neutral and quiet.

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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