Closing Market Commentary For 06-09-2014
The large caps came off their noontime highs and fell into negative territory for brief moment, mostly just to alleviate an overbought condition.
By 4 pm the markets had climbed back up into the green, but remained flat on lower volume. Both the DOW and SP500 had new closing highs, but that has been the norm after gaining new highs. Today the bears rolled over.
The more the media cry the markets are going to fall, the higher the markets rise.
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 up, but remains above zero at 18.38. 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 66 % bearish and Investors Intelligence sets the breath at 66.1 % bullish with the status at Bear Correction – chart is on a p&f sell but is rising without having moved above 68%.
If you would like to get advanced buy/sell tweets, sign-up in the column to the right of this post by clicking on the ‘Follow‘ button. Write me with suggestions and I promise not to bite.
The DOW at 4:00 is at 16943 up 19 or 0.11%.
The SP500 is at 1951 up 1.83 or 0.09%.
SPY is at 195.61 up 0.21 or 0.10%.
The $RUT is at 1176 up 11 or 0.92%.
NASDAQ is at 4336 up 15 or 0.34%.
NASDAQ 100 is at 3796 up 1 or 0.03%.
$VIX ‘Fear Index’ is at 11.02 up 0.27 or 2.52%. Neutral Movement
(Follow Real Time Market Averages at end of this article)
The longer trend is up, the past months trend is positive, the past 5 sessions have been positive and the current bias is positive.
WTI oil is trading between 104.47 (resistance) and 102.62 (support) today. The session bias is positive and is currently trading down at 103.39.
Brent Crude is trading between 109.29 (resistance) and 107.79 (support) today. The session bias is elevated and sideways and is currently trading down at 109.03.
Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold fell from 1257.24 earlier to 1252.46 and is currently trading down at 1253.30. The current intra-session trend is negative.
Dr. Copper is at 3.052 rising from 3.018 earlier.
The US dollar is trading between 80.70 and 80.32 and is currently trading down at 80.66, the bias is currently elevated and sideways.
Real Time Market Numbers
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary