Futures and the DAX are positive this morning, indicating a positive open. The market bias indicators are still showing a slightly positive bias, but the momentum is fading. The market bias indicators remain neutral. This suggests the possibility of a choppy day with the market opening up and fading into the afternoon.
Canadian retail sales for July were below expectations. The FOMC is meeting today and tomorrow regarding interest rates and is widely expected to keep the target rate at 0% to 0.25%. On Thursday, existing home sales data comes out and the latest new home sales data will be released on Friday for the US.
The Nasdaq is still leading the market and commodities bounced back overnight with gold up over $1000 again on US dollar weakness.
Research in Motion (RIMM, RIM.TO) will be reporting earnings on Thursday. Most analysts expect earnings for the quarter to be in line with expectations but guidance is expected to be positive. The stock has moved up in anticipation of the news.
As you can see from the tables below, we remain in a bullish phase for all sectors however; the markets still appear to be favouring a corrective pullback for this week. Sell momentum remains weak, indicating that shorting is a relatively risky proposition for now.
| Index | Change | %Change | Level | Phase |
| TSX | -21.34 | -0.19% | 11424.61 | Bullish |
| DJIA | -41.34 | -0.42% | 9778.86 | Bullish |
| Nasdaq | +5.18 | +0.24% | 2138.04 | Bullish |
| SP 500 | -3.64 | -0.34% | 1064.66 | Bullish |
| Russell 2000 | -1.91 | -0.31% | 615.97 | Bullish |
| NYSE | -48.33 | -0.69% | 6968.59 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: moderate to 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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