The futures are slightly positive this morning along with the DAX indicating a positive open. Inflation remains flat to slightly below expectations. German investor confidence rose in July. Research in Motion (RIM.TO, RIMM) was declared one of the fastest growing companies. After the strong down day yesterday, the market bias indicators are beginning to show some statistical bias for an up day. The market condition scans confirm this, as they have no strong bias to the downside, although the overbought scan has a strong number at 203 . This suggests a choppy day with more sideways action as markets continue to rest from the long rally.
The US dollar is bumping its ahead against the overhead resistance of the 50 day moving average, will it break through? The lack of inflation has had a negative impact on gold which has crossed below its 50 day moving average. However, confirmation is still needed to see if the trend has shifted. Silver has also returned to the 50 day moving average. Oil has also returned to the 50 day moving average and is currently trending sideways.
| Index | Change | %Change | Level | Phase |
| TSX | -316.42 | -2.92% | 10531.59 | Bullish |
| DJIA | -186.06 | -2.00% | 9135.34 | Bullish |
| Nasdaq | -54.68 | -2.75% | 1930.84 | Bullish |
| SP 500 | -24.36 | -2.43% | 979.73 | Bullish |
| Russell 2000 | -15.72 | -2.79% | 548.18 | Bullish |
| NYSE | -185.71 | -2.84% | 6352.11 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a negative bias
Energy: weak
Primary Trend: sideways
| 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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