On Thursday we noted the divergence in price and volume and Friday turned out to be pretty much a nothing day, with markets closing slightly down. Most of the indices have been essentially sideways for the last 10 days. We are also into options expiration, which may increase volatility this week. This morning, commodities are pulling back with oil, gold and silver all down. The US Dollar is up slightly, along with treasuries.
The G8 Finance Ministers met this weekend to discuss how to extricate themselves from the stimulus plans as the various country economies improve.
Futures this morning are negative and the DAX is negative, indicating a negative open. The market bias indicators are neutral and so are the market condition scans, indicating we can expect another choppy day.
Index | Change | %Change | Level | Phase |
TSX | -69.15 | -0.65% | 10644.96 | Bullish |
DJIA | +28.34 | +0.32% | 8799.26 | Recovery |
Nasdaq | -3.57 | -0.19% | 1858.80 | Bullish |
SP 500 | +1.32 | +0.14% | 946.21 | Accumulation |
Russell 2000 | +0.75 | +0.14% | 526.83 | Accumulation |
NYSE | -14.52 | -0.24% | 6148.61 | Accumulation |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias
Energy: weak
Primary Trend: sideways
Sector | Phase |
Consumer Staples | Recovery |
Healthcare | Recovery |
Technology | Bullish |
Utilities | Recovery |
Energy | Accumulation |
Financials | Recovery |
Industrials | Recovery |
Materials | Recovery |
Consumer Discretionary | Recovery |
Source: Telechart
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