Futures and the DAX are down this morning indicating a down open. The market condition scans remain bullish, but energy is weak, suggesting a flat day. The market bias indicators are still slightly negative. Some major companies reported this morning including IBM and General Electric (GE), along with Intel’s (INTC) major rival AMD. All three have report worse than expected revenue, and all are trading down in the pre-market. Google (GOOG) also reported this morning and has indicated the worst of the recession is behind them and this stock is trading up. Consumer Confidence in the US will be reported later today and may have some impact on the markets.
The DJIA managed to remain above the 10000 level, but until we see a higher pivot low on the weekly chart, this may act more like a resistance level, than support.
| Index | Change | %Change | Level | Phase |
| TSX | -28.27 | -0.25% | 11504.51 | Bullish |
| DJIA | +47.08 | +0.47% | 10062.94 | Bullish |
| Nasdaq | +1.06 | +0.05% | 2173.29 | Bullish |
| SP 500 | +4.54 | +0.42% | 1096.56 | Bullish |
| Russell 2000 | -0.60 | -0.10% | 623.34 | Bullish |
| NYSE | +21.67 | +0.30% | 7204.05 | 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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