While Friday was an up day, markets continue to vacillate, reacting to news with no real strong follow through. We remain in a sideways trend, at least short term.
The market bias indicators remain neutral, although we are beginning to see signs pointing to a correction. The indices remain “oversold” according to the stochastic indicator. Market condition scans are still showing a slight bias to the upside, indicating we may see a positive close. This morning, futures are negative and the DAX is negative, indicating a negative open.
| Index | Change | %Change | Level | Phase |
| TSX | +91.96 | +0.85% | 10885.33 | Bullish |
| DJIA | +113.81 | +1.23% | 9370.07 | Bullish |
| Nasdaq | +27.09 | +1.37% | 2000.25 | Bullish |
| SP 500 | +13.40 | +1.34% | 1010.48 | Bullish |
| Russell 2000 | +14.78 | +2.65% | 572.40 | Bullish |
| NYSE | +69.04 | +1.06% | 6586.71 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias
Energy: weak
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 |
Source: Telechart
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