Written by Gary
Closing Market Commentary For 07-16-2014
The afternoon session traded mostly in a narrow range with volume inching up from low to moderate at the close. The DOW set a new closing high mark but none of the major averages followed suit leaving questions of any further highs in the near future.
By 4 pm the $VIX nosed-dived to 10.80, the $RUT remained in the red and investors are not at all sure what tomorrow will bring.
The medium term indicators are leaning towards the hold side at the close. The all important signs of reversal, up or down, have not been observed so we are mostly, at best, neutral and conservatively holding. The important DMA’s, volume and a host of other studies have not turned and that is not enough for me to start shorting. The SP500 MACD has turned down, but remains above zero at 12.26. I would advise caution in taking any position during this uncertain period.
Barchart.com shows a 88 % buy. (Been at 88% for the last 5 sessions, I think their meter is broken) Investing.com members’ sentiments are 58 % bearish and Investors Intelligence sets the breath at 67.3 % bullish with the status at Bear Correction. (Chart Here )
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 72.43. (Chart Here )
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 84.60. (Chart Here )
The markets are still susceptible to climbing on ‘Bernankellen’ vapor, use caution!
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The DOW at 4:00 is at 17138 up 78 or 0.45%.
The SP500 is at 1982 up 8 or 0.42%.
SPY is at 197.70 up 0.73 or 0.37%.
The $RUT is at 1152 down 2 or -0.20%.
NASDAQ is at 4426 up 10 or 0.22%.
NASDAQ 100 is at 3932 up 18 or 0.46%.
The Low Volatility Paradigm And Diminishing Return Expectations
$VIX ‘Fear Index’ is at 11.00 down 0.96 or -8.03%. 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 elevated and trending sideways.
Oil stays near $101 a barrel; US gasoline prices slip to 3-month low
WTI oil is trading between 101.58 (resistance) and 100.42 (support) today. The session bias is positive and is currently trading down at 101.50.
Brent Crude is trading between 107.95 (resistance) and 106.95 (support) today. The session bias is mixed, volatile and is currently trading down at 107.13.
Gold prices sink as worries over Europe that drove prices up last week dissipate
Gold rose from 1295.89 earlier to 1304.19 and is currently trading up at 1300.20. The current intra-session trend is net positive, but trending down.
Dr. Copper is at 3.215 falling from 3.253 earlier.
The US dollar is trading between 80.64 and 80.45 and is currently trading up at 80.61, the bias is currently sideways and very quiet.
Real Time Market Numbers
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Written by Gary
