Futures this morning are extreme with all futures up over 1% as of this writing. The DAX is also up over 2% as of this writing. The positive guidance from Intel (INTC) and the “blowout” quarter from JP Morgan Bank (JPM) are the most likely catalysts for the positive sentiment. Gold is at a fresh high and oil continues to inch up. The US dollar has hit a new low and the Canadian dollar is moving towards parity. The market bias indicators are neutral with no strong directional bias and the market condition scans continue to have a positive bias, albeit with weak energy.
Interestingly, all of the indexes we follow have formed bottoming chart patterns on the weekly charts. You may find this post interesting regarding the DOW:
| Index | Change | %Change | Level | Phase |
| TSX | -23.38 | -0.20% | 11413.54 | Bullish |
| DJIA | -14.74 | -0.15% | 9871.06 | Bullish |
| Nasdaq | +0.75 | +0.04% | 2139.89 | Bullish |
| SP 500 | -3.00 | -0.28% | 1073.19 | Bullish |
| Russell 2000 | -2.11 | -0.34% | 611.70 | Bullish |
| NYSE | -19.29 | -0.27% | 7031.87 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: weak
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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