Written by Gary
Midday Market Commentary For 05-02-2014
I have been warning investors to watch for market swings and this morning saw some volatility that might have made some traders grin, but is confusing the hell out of bullish investors.
By noon the averages had recovered half of the morning fall to where the markets were at least in the green, remaining flat however as the volume falls to anemic levels.
The short term indicators are leaning towards the hold side at the midday. 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, only a past 6% correction (and recovery) and that is not enough for me to start shorting. The SP500 MACD has turned up, but remains above zero at 6.90. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 32 % sell. (Remember this has been negative for weeks.) Investing.com members’ sentiments are 66% bearish.
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The DOW at 12:15 is at 16550 down 8 or -0.05%.
The SP500 is at 1885 up 1 or 0.06%.
SPY is at 188.43 up 0.10 or 0.05%.
The $RUT is at 1133 up 7 or 0.61%.
NASDAQ is at 4134 up 6 or 0.15%.
NASDAQ 100 is at 3596 up 2 or 0.05%.
$VIX ‘Fear Index’ is at 13.18 down 0.07 or -0.53%. Neutral Movement
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The longer trend is up, the past months trend is sideways, the past 5 sessions have been positive and the current bias is down and sideways.
WTI oil is trading between 100.10 (resistance) and 99.28 (support) today. The session bias is volatile and sideways and is currently trading down at 99.81.
Brent Crude is trading between 108.85 (resistance) and 107.60 (support) today. The session bias is elevated and sideways and is currently trading down at 108.69.
Gold fell from 1288.25 earlier to 1275.18. It has sense turned around and has climbed to 1304.39 and is currently trading down at 1300.60. The current intra-session trend is positive.
Dr. Copper is at 3.065 rising from 3.013 earlier.
The US dollar is trading between 79.55 and 79.91 and is currently trading up at 79.61, the bias is currently negative and very volatile.
Real Time Market Numbers
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Written by Gary