After testing the 50 day moving average on Friday, the markets look like they will bounce off of this resistance level today. The futures and the DAX are positive, indicating a positive open. The market condition scans are continuing to show a downside bias, but once again the energy is weak, which means bias is weak. The market bias indicators are not showing any strong bias either.
The economic calendar for today is fairly light, with only the ISM’s Service Sector Index report expected at 10 am. The Yahoo finance site has a calendar of economic events that you can track. I usually check this site along with the CNN money site for this type of information. For international and Canadian economic reports, the FX360 site has a good calendar. Third quarter earnings will kick off on Wednesday with Alcoa (AA) reporting, which may provide a catalyst for market direction. A good site for earnings is Earnings.com, or you can go to the company’s site.
| Index | Change | %Change | Level | Phase |
| TSX | -113.43 | -1.02% | 10958.33 | Bullish |
| DJIA | -21.61 | -0.23% | 9487.67 | Bullish |
| Nasdaq | -9.37 | -0.46% | 2048.11 | Bullish |
| SP 500 | -4.64 | -0.45% | 1025.21 | Bullish |
| Russell 2000 | -3.55 | -0.61% | 580.20 | Bullish |
| NYSE | -43.48 | -0.65% | 6647.57 | 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 | Bullish |
| Technology | Bullish |
| Utilities | Bullish |
| Energy | Bullish |
| Financials | Bullish |
| Industrials | Bullish |
| Materials | Bullish |
| Consumer Discretionary | Bullish |
Source: Telechart
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