Written by Gary
Closing Market Commentary For 05-19-2014
Yes, the averages were up, but the indicators that not all is well in Wall Street Toon-Town. A lot of shorts were called today, primary reason for today rise, but do not count on seeing new historic highs tomorrow as there is a minor resistance that may prove more than the bulls can chew.
By 4 pm the averages were all in the green with the $RUT at +1.00% and the uneasy feelings among investors hangs in the air. We are so near the top and very little bullish action. This bull is looking tired.
The short term indicators are leaning towards the hold side at the close. 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 down, but remains above zero at 5.44. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 64 % buy. (Could be right.) Investing.com members’ sentiments are 65 % bearish.
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The DOW at 4:00 is at 16512 up 21 or 0.12%.
The SP500 is at 1885 up 7.22 or 0.38%.
SPY is at 188.82 up 0.70 or 0.37%.
The $RUT is at 1114 up 12 or 1.04%.
NASDAQ is at 4126 up 35 or 0.86%.
NASDAQ 100 is at 3616 up 28 or 0.79%.
$VIX ‘Fear Index’ is at 12.35 down 0.09 or -0.72%. neutral 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 net loss and the current bias is Positive.
WTI oil is trading between 102.47 (resistance) and 101.52 (support) today. The session bias is sideways and volatile and is currently trading up at 102.14.
Brent Crude is trading between 110.32 (resistance) and 109.31 (support) today. The session bias is negative and volatile and is currently trading down at 109.38.
Gold fell from 1305.60 earlier to 1292.68 and is currently trading down at 1293.10. The current intra-session trend is negative.
Dr. Copper is at 3.162 rising from 3.140 earlier.
The US dollar is trading between 80.12 and 79.93 and is currently trading up at 80.07, the bias is currently positive.
Real Time Market Numbers
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Written by Gary