Alcoa (AA) posted a surprise profit after the market close yesterday. Australian unemployment numbers came in better than expected and Retail numbers are surprisingly strong. US jobless claims are lower than expected. The combination of this positive economic data is pointing to a positive open as futures and the DAX are both up. We may even see a small gap up open today.
The market condition scans remain positive, but momentum and energy are weakening. The market bias indicators are beginning to show a statistical bias for a pullback. This suggests choppy intraday action. In Canada, we are going into a long weekend, which may also contribute to choppy price behaviour intraday.
The Canadian market will also be buoyed by the continued demand for commodities with gold, silver and oil futures all rising this morning.
| Index | Change | %Change | Level | Phase |
| TSX | +101.91 | +0.91% | 11349.88 | Bullish |
| DJIA | -5.67 | -0.06% | 9725.58 | Bullish |
| Nasdaq | +6.76 | +0.32% | 2110.33 | Bullish |
| SP 500 | +2.86 | +0.27% | 1057.58 | Bullish |
| Russell 2000 | +0.10 | +0.02% | 602.08 | Bullish |
| NYSE | +12.57 | +0.19% | 6912.65 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: moderate
Primary Trend: sideways to up
| 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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