The markets remain in a range although with stocks opening weak, rallying during much of the day and then once again selling off again into the close. The sentiment still appears to be tipped to the bullish side, but the institutional investors still remain cautious, showing minimal participation. Without sustained buying by the “BIGS”, markets will continue to be trendless and listless, with choppy back and forth price action.
Gold, silver and oil are up marginally this morning but remain in their trading ranges.
As of this writing, futures are positive and the DAX is positive, indicating a positive open. The market condition scans are once again showing no strong directional bias although the buy momentum numbers are greater than sell momentum numbers; the numbers are low, suggesting lack of positive follow through. The market bias indicators continue to show a neutral bias, indicating once again a choppy indecisive market that remains in a bottoming condition.
| Index | Change | %Change | Level | Phase |
| TSX | +130.35 | +1.40% | 9409.50 | Recovery |
| DJIA | +70.49 | +0.89% | 7957.06 | Recovery |
| Nasdaq | +6.09 | +0.37% | 1652.21 | Recovery |
| SP 500 | +8.37 | +0.99% | 851.92 | Recovery |
| Russell 2000 | -4.09 | -0.87% | 466.62 | Recovery |
| NYSE | +81.49 | +1.54% | 5372.10 | Recovery |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias
Energy: moderate
Primary Trend: Remains down to sideways
| Sector | Phase |
| Consumer Staples | Recovery |
| Healthcare | Bearish |
| Technology | Recovery |
| Utilities | Bearish |
| Energy | Recovery |
| Financials | Recovery |
| Industrials | Recovery |
| Materials | Recovery |
| Consumer Discretionary | Recovery |
Source: Telechart
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