Written by Gary
Midday Market Commentary For 07-23-2014
The SP500 has made a new high again (1989.23) and has tried to best it 3 times since 11 am (maybe the 4th time?). Averages remain near the sessions highs on low to anemic volume. Volatility evidently was a morning thing as the averages are trading in a sideways zone of narrow width.
By noon Markets appear to be stable with the $VIX making moderate moves up and down leaving investors wondering what Mr. Market is going to do next.
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 10.34. I would advise caution in taking any position during this uncertain period.
Barchart.com shows a 88 % buy. (Been at 88% for the last 8 sessions, I think their meter is broken) Investing.com members’ sentiments are 61 % bearish and Investors Intelligence sets the breath at 66.9 % bullish with the status at Bear Correction. (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 12:15 is at 17096 down 18 or -0.11%.
The SP500 is at 1988 up 5 or 0.23%.
SPY is at 198.70 up 0.50 or 0.26%.
The $RUT is at 1161 up 5 or 0.43%.
NASDAQ is at 4477 up 21 or 0.47%.
NASDAQ 100 is at 3987 up 26 or 0.65%.
$VIX ‘Fear Index’ is at 11.66 down 0.58 or -4.74%. 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 103.32 (resistance) and 101.92 (support) today. The session bias is negative and is currently trading down at 102.88.
Brent Crude is trading between 108.08 (resistance) and 107.02 (support) today. The session bias is negative and is currently trading down at 107.53.
Gold fell from 1311.63 earlier to 1305.38 and is currently trading up at 1307.20. The current intra-session trend is sideways with a lot of volatility.
Dr. Copper is at 3.208 falling from 3.217 earlier.
The US dollar is trading between 80.90 and 80.80 and is currently trading up at 80.90, the bias is currently elevated, sideways and quiet.
Real Time Market Numbers
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Written by Gary