Written by Gary
Midday Market Commentary For 05-14-2014
Average’s sea-sawed throughout the morning session with a slight downtrend, but several short-term bullish indicators are saying, not so fast.
By noon the ultimate market direction was not clear as many investors sat back with a wait-n-see attitude as the averages remained in the red on anemic volume. Morning volatility has decreased and the $VIX has fallen to the low 12’s signaling we may see bullish activity this afternoon or tomorrow.
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 and that is not enough for me to start shorting. The SP500 MACD has turned up, but remains above zero at 8.03. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 24 % sell. Investing.com members’ sentiments are 69 % bearish.
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The DOW at 12:00 is at 16662 down 54 or -0.32%.
The SP500 is at 1893 down 4 or -0.22%.
SPY is at 189.50 down 0.45 or -0.23%.
The $RUT is at 1110 down 11 or -0.96%.
NASDAQ is at 4116 down 14 or -0.35%.
NASDAQ 100 is at 3604 down 7 or -0.19%.
$VIX ‘Fear Index’ is at 12.08 down 0.06 or -0.49%. Bullish Movement
(Follow Real Time Market Averages at end of this article)
The longer trend is up, the past months trend is sideways, the past 5 sessions have been positive and the current bias is negative.
WTI oil is trading between 102.63 (resistance) and 101.24 (support) today. The session bias is bullish and is currently trading down at 102.35.
Brent Crude is trading between 109.29 (resistance) and 107.91 (support) today. The session bias is positive and is currently trading down at 109.15.
Gold rose from 1291.68 earlier to 1309.16 and is currently trading up at 1304.80. The current intra-session trend is elevated and sideways.
Dr. Copper is at 3.164 falling from 3.175 earlier.
The US dollar is trading between 80.18 and 80.05 and is currently trading down at 80.08, the bias is currently negative.
Real Time Market Numbers
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Written by Gary