The price action was choppy yesterday, as predicted by the markets scans and market bias indicators. News is light this week and earnings season does not start again until July. Also seasonally, we are in a period of random price movement. There is sometimes mention of a “summer rally”, however, this appears to be the most inconsistent of all seasonal tendencies.
If you already have money at work, you can probably let it ride, but may want to consider using some sort of hedging tool such as options or inverse ETFs. If you have money on the sidelines, waiting to enter, there will be opportunity to put this money to work.
Futures this morning are slightly positive and the DAX is negative, indicating a negative open. The market condition scans remain neutral and so do the market bias indicators.
| Index | Change | %Change | Level | Phase |
| TSX | -20.17 | -0.19% | 10549.12 | Bullish |
| DJIA | +1.36 | +.0.02% | 8764.49 | Recovery |
| Nasdaq | -7.02 | -0.38% | 1842.40 | Bullish |
| SP 500 | -0.95 | -0.10% | 939.14 | Accumulation |
| Russell 2000 | -5.57 | -1.05% | 524.79 | Accumulation |
| NYSE | | | | Accumulation |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral to positive 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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