The markets had another positive day yesterday as reflected in the performance of the indexes. We have now had five days of positive price action, and the market bias indicators suggest a statistical correction is due in the next one to five days. The market condition scans continue to show a bullish bias with good energy. However, the candles in the charts are shrinking with more dojis showing up. Also we are going into the weekend, so do not be surprised if we see some profit taking as the day progresses.
Gold has bounced back to over the $1000 mark and silver continues to trade over the $16 mark. Oil remains in its range.
The Canadian dollar continues to be strong in the face of US dollar weakness and the corresponding demand for base metals and other commodities. The TSX recovered its losses from Wednesday and the US markets had a strong day with good volume.
| Index | Change | %Change | Level | Phase |
| TSX | +154.83 | +1.41% | 11155.00 | Bullish |
| DJIA | +80.26 | +0.84% | 9627.48 | Bullish |
| Nasdaq | +23.63 | +1.15% | 2084.02 | Bullish |
| SP 500 | +10.77 | +1.04% | 1044.14 | Bullish |
| Russell 2000 | +8.50 | +1.45% | 594.90 | Bullish |
| NYSE | +78.41 | +1.16% | 6850.81 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: moderate
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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