Lack of consumer confidence along with declining oil and gold prices contributed to the downward bias of the market yesterday. Asian markets also declined on this news and the downward momentum appears to be continuing this morning. Futures are negative along with the DAX indicating a down open. The market condition scans have a slightly negative bias, but still not decisive enough for short selling. The market bias indicators are building towards a statistical bounce in the next one to five days.
The TSX closed decisively below its 50 day moving average, largely on weakness in financial services but ADX remains low, indicating a sideways trend. Caution is advised. The US Market Indexes remain above their 50 day moving averages but are rapidly approaching this support level.
US Durable Goods met expectations this morning, rising 1%. GMAC is asking for more money, its 3rd time at the government trough, which is viewed negatively by market players. Sherrit (S.to) earnings topped estimates along with Conoco Phillips (COP).
| Index | Change | %Change | Level | Phase |
| TSX | -181.34 | -1.61% | 11053.54 | Warning |
| DJIA | +14.21 | +0.14% | 9882.17 | Bullish |
| Nasdaq | -25.76 | -1.20% | 2116.09 | Bullish |
| SP 500 | -3.54 | -0.33% | 1063.41 | Bullish |
| Russell 2000 | -6.69 | -1.13% | 586.99 | Bullish |
| NYSE | -28.05 | -0.40% | 6932.04 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a slightly negative bias
Energy: weak
Primary Trend: sideways
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Warning |
| Technology | Bullish |
| Utilities | Warning |
| Energy | Bullish |
| Financials | Warning |
| Industrials | Bullish |
| Materials | Warning |
| Consumer Discretionary | Bullish |
Source: Telechart
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