As we enter the summer season, market volumes are lower than average. Over the next few weeks, the update will not be on a daily basis, but will be posted approximately once or twice a week. Over the next few weeks, we will likely continue to see the markets continuing to correct as it has this Monday.
Futures this morning are negative and the DAX is negative, indicating a negative open. The market bias indicators are indicating a neutral bias for the next one to five days. The market scans are showing a bias to the downside, with more energy, so we can expect more downward pressure. Institutional scans are showing almost no activity, indicating that current activity is attributable to smaller retail investors.
| Index | Change | %Change | Level | Phase |
| TSX | -218.48 | -2.13% | 10027.43 | Warning |
| DJIA | +44.13 | +0.53% | 8324.87 | Bearish |
| Nasdaq | -9.12 | -0.51% | 1787.40 | Bullish |
| SP 500 | +2.30 | +0.26% | 898.72 | Bearish |
| Russell 2000 | -3.18 | -0.64% | 494.03 | Warning |
| NYSE | -5.24 | -0.09% | 5770.00 | Warning |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a negative bias
Energy: weak to moderate
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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