Markets had a mild up day today, but even as price rises, volume continues to be low indicating the momentum of the current rally is slowing. Statistically, the markets are due for some sort of correction, but appear to be content to move essentially sideways. Next week is options expiration week, which will bring in some more volatility.
Futures this morning are negative and the DAX is negative, indicating a negative open. The market bias indicators are starting to show some negative bias, but it is still weak. The market condition scans remain neutral.
| Index | Change | %Change | Level | Phase |
| TSX | +116.13 | +1.10% | 10714.11 | Bullish |
| DJIA | +31.90 | +0.37% | 8770.92 | Recovery |
| Nasdaq | +9.29 | +0.50% | 1862.37 | Bullish |
| SP 500 | +5.74 | +0.61% | 944.89 | Accumulation |
| Russell 2000 | +2.37 | +0.45% | 526.08 | Accumulation |
| NYSE | +65.07 | +1.07% | 6163.13 | 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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