News that North Korea is testing nuclear missiles spooked markets a little this morning. Bank of Montreal (BMO.TO) reported earnings this morning and beat expectations but also upped loan loss provisions. OPEC meets on Thursday and anticipation regarding the meeting is lifting the oil price slightly this morning. Canadian Employment Insurance claims jumped 10% in March and the bankruptcy protection for GM seems more and more likely.
Futures this morning are negative along with the DAX indicating a negative open. The market bias indicators are showing some statistical bias for a bounce and the market bias indicators are showing virtually even numbers between momentum sell and momentum buy numbers, indicating we remain in a bottoming market condition with a sideways bias.
| Index | Change | %Change | Level | Phase |
| TSX | +76.08 | +0.76% | 10069.50 | Recovery |
| DJIA | -14.81 | -0.18% | 8277.32 | Recovery |
| Nasdaq | -3.24 | -0.19% | 1692.01 | Recovery |
| SP 500 | -1.33 | -0.15% | 887.00 | Recovery |
| Russell 2000 | -3.60 | -0.75% | 477.62 | Recovery |
| NYSE | +9.08 | +0.16% | 5789.62 | Recovery |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias
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
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