Market Commentary: SP500 Closes Below 1700 For Fourth Session

Written by Gary

Closing Market Commentary For 09-27-2013

Markets were down for the day, marking the fourth day in a row that the SP500 CLOSED DOWN below 1700 – a very bearish signal.

By 4 pm the averages were down in the -0.40% area completing 7 days trending downward another bearish indicator of more to come if the government gridlock comes to fruition. This house of cards is ready to topple. It isn’t a matter of when so much as when.

This lack of recovery, Fed indecision and government gridlock is having a negative effect on investors. Today’s market wanderings only add to investors misgivings about jumping in knowing full well this market ‘house of cards’ is built on a weak supporting foundation and could collapse without a moments notice. Short term indicators remain at 65% to 75% sell and hovering around 25% buy.

The DOW at 4:00 is at 15258 down 70 or -0.46%.

The SP500 is at 1691.75 down 6.92 or -0.41%.

SPY is at 169.00 down 0.78 or -0.46%.

The $RUT is at 1074 down 4 or -0.39%.

NASDAQ is at 3781 down 6 or -0.15%.

NASDAQ 100 is at 3230 down 4 or -0.12%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been down and the current daily bias is sideways.

How Oil Really Gets Priced

WTI oil is trading between 102.36 and 103.76 today. The session bias is bearish and is currently trading up at 102.75.

Brent Crude is trading between 106.16 and 109.65 today. The session bias is bearish and is currently trading up at 108.45.

Gold rose from 1321.79 earlier to 1344.50 and is currently trading up at 1336.90.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.323 rising from 3.292 earlier.

The US dollar is trading between 80.70 and 80.21 and is currently trading up at 80.36, the bias is currently negative.

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Written by Gary