The market bias indicators are still pointing to a statistical correction and the market condition scans are showing a bias to the upside with weak to moderate energy. Many stocks are near or at resistance levels suggesting more sideways price action short term. Futures this morning are negative along with the DAX, providing further evidence of a down open.
Oil has dropped back below the $70 mark and gold and silver remain above $1000 and $16.50 respectively.
President Obama is speaking from Wall Street today on financial reform. This along with the trade dispute with China and the US seem to be keeping a lid on the markets this morning as well.
We have been sold out of our NTAP position for a profit and will be looking for additional trade opportunities.
| Index | Change | %Change | Level | Phase |
| TSX | +98.23 | +0.88% | 11253.23 | Bullish |
| DJIA | -22.07 | -0.23% | 9605.41 | Bullish |
| Nasdaq | -3.12 | -0.15% | 2080.90 | Bullish |
| SP 500 | -1.41 | -0.14% | 1042.73 | Bullish |
| Russell 2000 | -1.31 | -0.22% | 593.59 | Bullish |
| NYSE | -6.99 | -0.10% | 6843.82 | 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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