Markets continued to act positively, however, the volume is continuing to decline and remain below average. This suggests caution is warranted. The Nasdaq continues to challenge the 200 day moving average, indicating the potential for a breakout. The best opportunities remain in these sectors. Yesterday, the US had a nice surprise in housing construction, which was better than expected. Markets reacted positively to the news.
As of this writing, futures are negative and the DAX is negative, indicating a negative 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 | +373.41 | +3.93% | 9870.37 | Recovery |
| DJIA | +214.33 | +2.16% | 8426.74 | Recovery |
| Nasdaq | +44.36 | +2.58% | 1763.56 | Recovery |
| SP 500 | +29.72 | +3.39% | 907.24 | Recovery |
| Russell 2000 | +19.84 | +4.07% | 506.82 | Recovery |
| NYSE | +231.46 | +4.16% | 5800.22 | 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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