The markets experienced buying on the dip price action yesterday, but all of the major indexes remain in tight sideways trends. Oil, gold, and silver also remain in tight ranges.
Futures this morning are negative but the DAX is positive, indicating a mixed open. The market condition scans are showing a slightly positive bias due to yesterday’s positive momentum but the market bias indicators are showing negative indicators, pointing to the potential for a statistical pullback. Given the mixed signals, we have no clear short term market direction as we go into the weekend.
| Index | Change | %Change | Level | Phase |
| TSX | +254.92 | +2.52% | 10355.85 | Warning |
| DJIA | +172.54 | +2.08% | 8742.40 | Bearish |
| Nasdaq | +37.29 | +2.08% | 1829.54 | Bullish |
| SP 500 | +19.32 | +2.14% | 920.26 | Bearish |
| Russell 2000 | +14.82 | +2.88% | 509.18 | Warning |
| NYSE | +115.31 | +1.99% | 5911.03 | Warning |
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 | Distribution |
| Financials | Bearish |
| Industrials | Bearish |
| Materials | Distribution |
| Consumer Discretionary | Bearish |
Source: Telechart
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