Written by Gary
Midday Market Commentary For 07-18-2014
The big-time news today was the US UN Ambassador and the US President speaking on the Malaysian flight that was shot down yesterday over Eastern Ukraine. The averages climbed fractionally, steadily on moderate volume as the US President spoke and continued to melt up after his news conference.
By 12:30, the averages were still continuing to move upwards, albeit slowly, as investors were satisfied with the US Governments stance. How long this bullishness will last is not known as the shoot-down is not in itself World financially important.
It is what the the US and its Western allies do to constrain Russian activities that will move the markets.
The medium 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 9.10. I would advise caution in taking any position during this uncertain period.
Barchart.com shows a 88 % buy. (Been at 88% for the last 6 sessions, I think their meter is broken) Investing.com members’ sentiments are 57 % bearish and Investors Intelligence sets the breath at 66.7 % bullish with the status at Bear Correction. (Chart Here )
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 71.47. (Chart Here )
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 82.80. (Chart Here )
StockChart.com Consumer Discretionary ETF (XLY) is at 67.40. (Chart Here )
Chris Ciovacco says, “As long as the consumer discretionary ETF (NYSEARCA:XLY) holds above 67.06, all things being equal, it is a good sign for stocks and the U.S. economy.” (Actually the support looks to be in the 66.88 range)
The markets are still susceptible to climbing on ‘Bernankellen’ vapor, use caution!
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The DOW at 12:30 is at 17083 up 107 or 0.63%.
The SP500 is at 1975 up 17 or 0.85%.
SPY is at 197.38 up 2 or 0.84%.
The $RUT is at 1151 up 18 or 1.55%.
NASDAQ is at 4420 up 56 or 1.29%.
NASDAQ 100 is at 3926 up 48 or 1.23%.
$VIX ‘Fear Index’ is at 12.08 down 2.46 or -16.92%. 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 up and the current bias is Elevated, Melting Higher.
WTI oil is trading between 103.84 (resistance) and 102.58 (support) today. The session bias is sideways, volatile and is currently trading up at 103.02.
Brent Crude is trading between 108.61 (resistance) and 107.52 (support) today. The session bias is trending down and is currently trading down at 107.60.
Gold prices sink as worries over Europe that drove prices up last week dissipate
Gold fell from 1325.30 earlier to 1305.19 and is currently trading down at 1307.30. The current intra-session trend is negative and quiet.
Dr. Copper is at 3.163 falling from 3.204 earlier.
The US dollar is trading between 80.75 and 80.54 and is currently trading down at 80.66, the bias is currently sideways and quiet.
Real Time Market Numbers
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Written by Gary
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