As expected the markets continued to pullback yesterday. Canadian GDP numbers came in as expected today, but it is also 6 consecutive quarters of decline. The US Home price index dropped almost 19% in January.
Gold, silver, and oil chopped around most of the day, staying in a range.
As of this writing, futures are positive and the DAX is positive, indicating a positive open. Market condition scans are showing a bias to the downside with a surge in the overbought scan to over 600. Market bias indicators are showing some bullish indicators and market stochastics are right in the middle around 55. The mixed indicators point to a choppy indecisive day with a down close.
| Index | Change | %Change | Level | Phase |
| TSX | -224.84 | -2.55% | 8596.22 | Recovery |
| DJIA | -254.16 | -3.27% | 7522.02 | Bearish |
| Nasdaq | -43.40 | -2.81% | 1501.80 | Recovery |
| SP 500 | -28.41 | -3.48% | 787.53 | Bearish |
| Russell 2000 | -13.03 | -3.04% | 415.97 | Bearish |
| NYSE | -197.59 | -3.88% | 4899.05 | Bearish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral to negative bias
Energy: Weak, low activity
Primary Trend: Remains down
| Sector | Phase |
| Consumer Staples | Bearish |
| Healthcare | Bearish |
| Technology | Recovery |
| Utilities | Bearish |
| Energy | Bearish |
| Financials | Bearish |
| Industrials | Bearish |
| Materials | Recovery |
| Consumer Discretionary | Recovery |
Source: Telechart
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