It has been an interesting July with commodities and financials continuing to fuel the advance of the Canadian market. Most of the banks are at or very close to previous highs. The question is, will they continue higher. All of the major indices are above their respective 50 week moving averages, indicating we are in a bullish market. Yesterday, we saw a quiet day, with markets remaining relatively flat.
The market bias scans are showing a slight bias to the upside, but the momentum numbers are not strong. However, the institutional action and RSI strength scans have very strong numbers indicating that institutions are in accumulation mode, and that selling pressures are weak. At the same time, we have had a very long run with markets being up for almost 12 days in a row and the overall market stochastics are indicating an oversold level. The market bias indicators are neutral, giving no directional information. So what to expect for today? The DAX is positive and the futures are also positive indicating a positive open. We may continue to see the same type of price action as yesterday, with stocks taking a breather.
| Index | Change | %Change | Level | Phase |
| TSX | +28.83 | +0.26% | 11046.93 | Bullish |
| DJIA | -39.22 | -0.42% | 9280.97 | Bullish |
| Nasdaq | -18.26 | -0.91% | 1993.05 | Bullish |
| SP 500 | -2.93 | -0.29% | 1002.72 | Bullish |
| Russell 2000 | -4.75 | -0.83% | 565.99 | Bullish |
| NYSE | -10.95 | -0.17% | 6558.19 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: moderate
Primary Trend: up
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Bullish |
| Technology | Bullish |
| Utilities | Bullish |
| Energy | Bullish |
| Financials | Bullish |
| Industrials | Bullish |
| Materials | Bullish |
| Consumer Discretionary | Bullish |
Posts
No comments:
Post a Comment