Market Commentary: New Closing High For SP500, DOW In The Red With Small Caps

July 24th, 2014
in Gary's blogging, market close

Written by

Closing Market Commentary For 07-24-2014

Volatility or sea-sawing was the game of the afternoon, but generally a slight trend down from the morning highs. The SP500 made a new closing high which is bullish, but not convincing volume to support it.

By 4 pm there was a brief fractional sell-off that was not unexpected and we will see if it continues tomorrow.

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 10.52. I would advise caution in taking any position during this uncertain period. shows a 88 % buy. (Been at 88% for the last 8 sessions, I think their meter is broken) members' sentiments are 56 % bearish and Investors Intelligence sets the breath at 66.9 % bullish with the status at Bear Correction. (Chart Here ) NYSE Bullish Percent Index ($BPNYA) is at 71.89. (Chart Here) S&P 500 Bullish Percent Index ($BPSPX) is at 83.00. (Chart Here) Consumer Discretionary ETF (XLY) is at 67.42. (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 17084 down 3 or -0.02%.

The SP500 is at 1988 up 1 or 0.05%.

SPY is at 198.51 up 0.01 or 0.01%.

The $RUT is at 1156 down 2 or -0.16%.

NASDAQ is at 4472 down 2 or -0.04%.

NASDAQ 100 is at 3983 down 3 or -0.08%.

$VIX 'Fear Index' is at 11.84 up 0.32 or 2.78%. Neutral, but volatile Movements

(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, but trending down.

How Oil Really Gets Priced

WTI oil is trading between 103.29 (resistance) and 101.88 (support) today. The session bias is negative and is currently trading down at 101.98.

Brent Crude is trading between 108.24 (resistance) and 106.82 (support) today. The session bias is negative and is currently trading down at 107.21.

Gold Choppiness Continues

Thursday, July 24, 2014 Gold futures have been unable to gain any traction in recent sessions, as a stronger US Dollar has thwarted the bull camp. Recent comments from the Federal Reserve indicated that the central bank will try to... Read More...

Gold fell from 1306.48 earlier to 1288.09 and is currently trading down at 1293.00. The current intra-session trend is negative.

Dr. Copper is at 3.263 rising from 3.201 earlier.

The US dollar is trading between 80.98 and 80.81 and is currently trading down at 80.94, the bias is currently sideways and quiet.

Real Time Market Numbers

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Written by Gary


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