Futures are currently mixed and the DAX is mildly negative suggesting a down to mixed open. The market condition scans remain mildly positive, but energy is weakening. The market bias indicators are showing a moderate negative bias, also supporting the premise of choppy intraday price action.
US Retail sales were better than expected along with PPI numbers. This may lead to some US Dollar strength today along with raising the inflation concerns again.
Our next trade is BRLI, a small cap health services company that provides clinical laboratory testing services. We are paper trading this with a limit buy for 200 shares at yesterday’s close of $34.34.
| Index | Change | %Change | Level | Phase |
| TSX | +78.81 | +0.70% | 11332.04 | Bullish |
| DJIA | +21.39 | +0.22% | 9626.80 | Bullish |
| Nasdaq | +10.88 | +0.52% | 2091.78 | Bullish |
| SP 500 | +6.61 | +0.63% | 1049.34 | Bullish |
| Russell 2000 | +6.44 | +1.08% | 600.03 | Bullish |
| NYSE | +36.17 | +0.53% | 6879.99 | 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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