The ADP Jobs report which is a precursor to the more detailed Employment reports to come out on Friday, reported better than expected numbers, which has lifted markets this morning. Rumours regarding the US Bank stress tests continue to abound. Most of the speculation appears to be that the banks are in poor shape and may need more capitalization, which negatively impacts market sentiment. The Nasdaq has now been positive for nine weeks which is statistically unusual. Given this, it would not be a surprise to see reversion to mean to kick in and see a pullback. However, so far, the rally appears to be intact.
As of this writing, futures are positive and the DAX is positive, indicating a positive open. The market bias indicators are showing a bearish bent. The market condition scans remain neutral but continue to show improvement in the institutional scans and RSI scans.
| Index | Change | %Change | Level | Phase |
| TSX | +10.35 | +0.10% | 9880.72 | Recovery |
| DJIA | -16.09 | -0.19% | 8410.65 | Recovery |
| Nasdaq | -9.44 | -0.54% | 1754.12 | Recovery |
| SP 500 | -3.44 | -0.38% | 903.80 | Recovery |
| Russell 2000 | -4.27 | -0.84% | 502.55 | Recovery |
| NYSE | -29.46 | -0.51% | 5770.76 | 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 | Recovery |
| Technology | Recovery |
| Utilities | Recovery |
| Energy | Recovery |
| Financials | Recovery |
| Industrials | Recovery |
| Materials | Recovery |
| Consumer Discretionary | Recovery |
Source: Telechart
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