Market Commentary: Markets Close Up Near Session Highs, Weakness In Futures

July 22nd, 2014
in Gary's blogging, market close

Written by

Closing Market Commentary For 07-22-2014

Markets closed up and near the highs of the day. The SP500 made an attempt to better its new high at 12:15 but turned down and closed below its old closing high.

By 4 pm the averages were up nicely as volume climbed up to moderate near the close. The aftermarket is down and below most averages opening numbers, something to watch tomorrow.


Follow up:

Most likely the aftermarket sell-off is Microsoft' poor earnings.

FoxNews reports, "Microsoft posted fiscal fourth-quarter profits of 55 cents a share, missing estimates by a nickel. Sales of $23.4 billion topped expectations of $23 billion. Shares of the software giant bounced between gains and losses in extended trading"

The medium term indicators are leaning towards the hold side at the closing. 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 9.83. I would advise caution in taking any position during this uncertain period.

Barchart.com shows a 88 % buy. (Been at 88% for the last 8 sessions, I think their meter is broken) Investing.com members' sentiments are 60 % bearish and Investors Intelligence sets the breath at 66.6 % bullish with the status at Bear Correction. (Chart Here )

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 71.53. (Chart Here)

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 82.60. (Chart Here)

StockChart.com Consumer Discretionary ETF (XLY) is at 67.47. (Chart Here)

Chris Ciovacco says, "As long as the consumer discretionary ETF (NYSEARCA:XLY) holds above 67.06, all things being equal, it is a good sign for stocks and the U.S. economy." (Actually the support looks to be in the 66.88 range)

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 17114 up 62 or 0.36%.

The SP500 is at 1984 up 9.90 or 0.50%.

SPY is at 198.07 up 0.86 or 0.44%.

The $RUT is at 1156 up 9 or 0.83%.

NASDAQ is at 4456 up 31 or 0.71%.

NASDAQ 100 is at 3962 up 27 or 0.70%.

$VIX 'Fear Index' is at 12.24 down 0.57 or -4.45%. Bearish 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 sideways and the current bias is elevated and sideways.

How Oil Really Gets Priced

WTI oil is trading between 10.3.37 (resistance) and 102.14 (support) today. The session bias is negative and is currently trading down at 102.39.

Brent Crude is trading between 108.40 (resistance) and 107.21 (support) today. The session bias is negative and is currently trading down at 107.32.

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

Gold rose from 1302.56 earlier to 1315.77, reversed direction and is currently trading down at 1307.00. The current intra-session trend is sideways.

Dr. Copper is at 3.205 falling from 3.233 earlier.

The US dollar is trading between 80.92 and 80.61 and is currently trading down at 80.85, the bias is currently sideways 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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