Written by Gary
Midday Market Commentary For 06-18-2014
The averages are still mostly in a holding pattern awaiting the Fed’s meeting outcome which I expect to be more of the same and a ‘cautious’ outlook for the US.
By noon the averages were mostly in the red and without any clear direction on mostly very low volume.
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 down, but remains above zero at 14.53. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 48 % buy. (up from a 40% sell this morning) Investing.com members’ sentiments are 64 % bearish and Investors Intelligence sets the breath at 67.2 % bullish with the status at Bear Correction.
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The DOW at 12:00 is at 16771 down 39 or -0.23%.
The SP500 is at 1941 down 1 or -0.04%.
SPY is at 194.69 down 0.16 or -0.08%.
The $RUT is at 1173 down 3 or -0.27%.
NASDAQ is at 4332 down 5 or -0.12%.
NASDAQ 100 is at 3777 down 4 or -0.11%.
$VIX ‘Fear Index’ is at 11.73 down 0.33 or -2.74%. Neutral Movement
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The longer trend is up, the past months trend is positive, the past 5 sessions have been net even and the current bias is negative.
WTI oil is trading between 106.45 (resistance) and 105.37 (support) today. The session bias is negative and is currently trading up at 105.56.
Brent Crude is trading between 114.03 (resistance) and 113.06 (support) today. The session bias is positive and volatile and is currently trading up at 113.94.
Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold rose from 1266.61 earlier to 1274.39 and is currently trading down at 1271.80. The current intra-session trend is sideways and volatile.
Dr. Copper is at 3.054 falling from 3.075 earlier.
The US dollar is trading between 80.73 and 80.56 and is currently trading up at 80.65, the bias is currently negative.
Real Time Market Numbers
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Written by Gary