Resistance Holding Markets From Advancing

Written by Gary

Opening Market Commentary For 09-12-2013

Premarkets were at the same level the markets closed at yesterday’s closing. We saw the averages yesterday take a giant leap during the closing minutes that looked more like manipulation than bulls closing in on the kill.

Markets opened flat and almost immediately the numbers began to fall negating yesterday’s last minute rise. A small bounce brought the averages back up to flat, lackluster and dismal. Volume appeared to be moderate at the opening, but falling fast by the 15 minute mark.

By 10 am the averages had melted back up to the opening numbers – and – paused, resistance is holding any advancement for now.

We are at an interesting decision zone as the SP500 enters the resistance above. After moving up for 7 days and 60 points above its August lows some investors are a bit perplexed. It is a move greater than what a ‘dead cat’ bounce would normally be within a downtrend as one might expect.

The opening wasn’t what I had hoped it would be. A big gap either up or down would have been great for trading, but Mr. Market’s indecision and sea-sawing back and forth doesn’t bode well for investors looking for signs in the tea leaves.

The DOW at 10:15 is at 15329 up 2 or 0.01%.

The SP500 is at 1688 down 1 or -0.08%.

SPY is at 169.31 down 0.08 or -0.05%.

The $RUT is at 1054 down 1 or -0.10%.

NASDAQ is at 3726 up 1 or 0.02%.

NASDAQ 100 is at 3180 up 0.31 or 0.01%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is sideways with a negative slant.

How Oil Really Gets Priced

WTI oil is trading between 107.30 and 108.69 today. The session bias is positive and is currently trading up at 108.21.

Brent Crude is trading between 111.66 and gaping down to 110.02 today. The session bias is now positive and is currently trading up at 111.22. (gap has not been closed)

Gold fell from 1365.15 earlier to 1326.28 and is currently trading up at 1329.90.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.203 falling from 3.278 earlier.

The US dollar is trading between 81.50 and 81.91 (gap at 81.50) and is currently trading down at 81.65, the bias is currently negative.

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Written by Gary