Written by Gary
Midday Market Commentary For 06-24-2014
The SP500 reached a new historic high this morning (1968.17) on moderate to low volume as the $VIX headed down (10.89). Now that the Tuesday ‘up day’ has done its thing, what does tomorrow have to offer?
By noon, the averages were off the morning highs and sliding along sideways in the green on low to anemic volume.
Notice to Bears: Bull Party is in full swing and they want all the ‘Sheeples’ to join in.
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 flat, but remains above zero at 17.34. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 32 % buy. (up from 0% hold this morning) Investing.com members’ sentiments are 60 % bearish and Investors Intelligence sets the breath at 68.7 % bullish with the status at Bear Correction.
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 12:00 is at 16957 up 20 or 0.12%.
The SP500 is at 1967 up 4 or 0.20%.
SPY is at 196.33 up 0.45 or 0.23%.
The $RUT is at 1192 up 7 or 0.60%.
NASDAQ is at 4397 up 29 or 0.65%.
NASDAQ 100 is at 3835 up 30 or 0.78%.
$VIX ‘Fear Index’ is at 10.89 down 0.09 or -0.82%. Bullish 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 elevated and sideways.
WTI oil is trading between 106.44 (resistance) and 105.28 (support) today. The session bias is elevated, volatile and mostly sideways and is currently trading down at 106.31.
Brent prices remain stable as Iraq oil data eases supply worries
Brent Crude is trading between 114.37 (resistance) and 113.55 (support) today. The session bias is positive and elevated and is currently trading up at 114.67.
Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold rose from 1314.78 earlier to 1326.55, has reversed direction and is currently trading down at 1318.50. The current intra-session trend is negative and volatile.
Analysts forecast a corrosive year for copper prices
Dr. Copper is at 3.143 rising from 3.125 earlier.
The US dollar is trading between 80.49 and 80.25 and is currently trading down at 80.48, the bias is currently positive.
Real Time Market Numbers
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
