Written by Gary
Midday Market Commentary For 08-26-2013
By 1 pm the averages had leveled out and were trading once again in tight narrow range on low volume.
Market moving news is absent for now, but any Western interdiction into Syria could be a ‘Black Swan’ of sorts and put the markets in a tailspin. For now the markets look to be consolidating once again, but don’t expect any major movements.
My guess of melting further down has been stymied by the BTFDers and now the best guess is that we will see a rise to the next resistance to ~15327 for the DOW and ~1685 for the SP500.
Although the averages are once again in a zone of indecision the odds of the markets moving back up are good. Long term indicators are at 55% buy and 25% sell, but they are currently being challenged by the shorter time frame indicators showing a 65% sell and 20% buy. Probably not a good time to guess.
The DOW at 1:15 is at 15037 up 26 or 0.18%.
The SP500 is at 1668 up 4 or 0.25%.
SPY is at 167.09 up 0.46 or 0.28%.
The $RUT is at 1044 up 6 or 0.60%.
NASDAQ is at 3692 up 24 or 0.67%.
NASDAQ 100 is at 3146 up 21 or 0.69%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is neutral.
WTI oil is trading between 107.06 and 105.59 today. The session bias is negative and is currently trading up at 106.02.
Brent Crude is trading between 110.51 and 111.33 today. The session bias is positive and is currently trading up at 111.03.
Gold fell from 1400.48 to 1359.52 earlier and is currently trading down at 1392.10.
Dr. Copper is at 3.326 plunging from 3.395 earlier.
The US dollar is trading between 81.30 and 81.55 and is currently trading up at 81.51, the bias is currently positive.
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Written by Gary