The market conditions scans are showing a negative bias with the overbought scan showing very high numbers, indicating a bias for more negative movement. The momentum scans are almost equal, indicating weak energy. The market bias indicators are showing some weak statistical bias for the bulls. The futures and the DAX are marginally negative. Given this mix, the expectation for today is a down open and more choppy price action with a bearish slip sliding affect. Once again, caution is the watchword as the markets stay in this sideways trend.
The oil inventory report comes out today, with the expectation that there will be a drawdown in the inventories. Oil and gas futures have risen marginally on this expectation. Gold and silver remain in their trading ranges. The US Dollar is still bumping up against the 50 day moving average, which remains a key resistance level for this currency.
| Index | Change | %Change | Level | Phase |
| TSX | -178.43 | -1.64% | 10689.78 | Bullish |
| DJIA | -185.68 | -1.96% | 9310.60 | Bullish |
| Nasdaq | -40.17 | -2.00% | 1968.89 | Bullish |
| SP 500 | -22.58 | -2.21% | 998.04 | Bullish |
| Russell 2000 | -14.01 | -2.45% | 558.06 | Bullish |
| NYSE | -155.43 | -2.34% | 6487.81 | 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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