Market Commentary: Noon Markets Decline Lower On Heavy Volume

July 15th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 07-15-2014

Morning action was volatile as gold took a dump to 1293.18 along with most of the averages which leads me to believe it is a temporary decline again.

By noon the averages started to decline again to new lows for the day on moderate, sometimes heavy red volume.


Follow up:

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 down, but remains above zero at 11.22. I would advise caution in taking any position during this uncertain 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 60 % 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 72.43. (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 12:00 is at 17019 down 37 or-0.21%.

The SP500 is at 1968 down 9 or -0.47%.

SPY is at 196.66 down 0.95 or -0.50%.

The $RUT is at 1150 down 16 or -1.33%.

NASDAQ is at 4398 down 42 or -0.95%.

NASDAQ 100 is at 3896 down 34 or -0.87%.

$VIX 'Fear Index' is at 12.31 up 0.49 or 4.15%. Bullish 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 elevated and volatile.

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

WTI oil is trading between 101.03 (resistance) and 99.01 (support) today. The session bias is negative and is currently trading up at 99.19.

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Brent Crude is trading between 107.68 (resistance) and 105.59 (support) today. The session bias is negative and is currently trading up at 105.99.

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

Gold rose from 1306.66 earlier to 1293.18 and is currently trading up at 1296.20. The current intra-session trend is negative.

Dr. Copper is at 3.250 rising from 3.223 earlier.

The US dollar is trading between 80.47 and 80.18 and is currently trading up at 80.42, the bias is currently positive and very volatile.

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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