FOMC Drags down US Markets and Oil Props Up Canadian Market

After spending the majority of the day in positive territory, the FOMC minutes yesterday afternoon seem to be the catalysts for a late day sell off in the US markets.  Canada continues to benefit from the rise in the oil price and demand for other commodities.  The Canadian Dollar has been rising.  Will we have parity this summer?

Futures are showing a negative bias along with the DAX, indicating a down open.  The market condition scans are still showing a bias to the upside, but volumes and energy is weak.  The market bias indicators are starting to show a statistical bias for a pullback.  The signals remain mixed, giving no clear short term direction.

Index	Change	%Change	Level	Phase
TSX	+131.49	+1.30%	10232.44	Recovery
DJIA	-52.81	-0.62%	8422.04	Recovery
Nasdaq	-6.70	-0.39%	1727.84	Recovery
SP 500	-4.66	-0.51%	903.47	Recovery
Russell 2000	-3.91	0.79%	489.35	Recovery
NYSE	-1.83	-0.03%	5870.39	Recovery

Source: Telechart

Short Term market outlook:

Bias: Scans showing a neutral bias but more positive momentum than negative momentum

Energy: moderate to weak

 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