Written by Gary
Opening Market Commentary For 06-27-2014
Premarkets were down -0.28% this morning suggesting the markets would open significantly downward, but that wasn’t the case. Markets opened down, but immediately started melting upward on moderate green volume and coming close to yesterday’s closing numbers.
By 10 the averages were sea-sawing, still in the red, trending lower, small caps fractionally in the green as volume was tapering quickly.
Investors were not happy with the small uptick in the US U. of Michigan Confidence at 82.5 vs the 82.0 expected (81.2) prior as the averages continued to slide downward. Continued session direction is in doubt, but some analysts are looking to end the session in the green.
The short term indicators are leaning towards the hold side at the opening. 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 14.38. I would advise caution in taking any position during this volatile period.
Barchart.com shows a 56 % buy. Investing.com members’ sentiments are 59 % bearish and Investors Intelligence sets the breath at 68.5 % bullish with the status at Bear Correction.
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 73.56.
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 83.20.
(Click on $BPNYA or $BPSPX to see chart)
The markets are still susceptible to climbing on ‘Bernankellen’ vapor, use caution!
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The DOW at 10:15 is at 16808 down 39 or -0.23%.
The SP500 is at 1955 down 2 or -0.13%.
SPY is at 195.17 down 0.27 or -0.14%.
The $RUT is at 1180 down 0.48 or -0.04%.
NASDAQ is at 4377 down 3 or -0.07%.
NASDAQ 100 is at 3825 down 1 or -0.04%.
$VIX ‘Fear Index’ is at 11.76 up 0.13 or 1.12%. 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 net neutral and the current bias is down and sideways.
WTI oil is trading between 105.18 (resistance) and 105.47 (support) today. The session bias is negative and is currently trading down at 105.67.
Brent Crude is trading between 113.70 (resistance) and 112.91 (support) today. The session bias is negative and is currently trading down at 113.31.
Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold fell from 1323.10 earlier to 1313.55 reversed direction and is currently trading up at 1320.10. The current intra-session trend is positive.
Dr. Copper is at 3.172 falling from 3.189 earlier.
The US dollar is trading between 80.26 and 80.13 and is currently trading up at 80.18, the bias is currently negative.
Real Time Market Numbers
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Written by Gary