The primary driver for the markets today may be the US Jobs Report, which is the main economic report today. The market condition scans are showing a mild bias to the downside. Futures are mildly down and the DAX is down indicating a down open. The market bias indicators are showing a bias to the upside. Once again, the mixed indicators suggest choppy price action today. Yesterday’s price action has almost brought the indexes back to their 50 day moving averages.
Gold, silver and oil are also pulling back this morning, as markets move into correction mode. September did not follow the normal seasonal patterns, and it is likely that October will also shift from the expected patterns as the credit crisis was an unusual shock to the economic system.
| Index | Change | %Change | Level | Phase |
| TSX | -323.20 | -2.84% | 11071.76 | Bullish |
| DJIA | -203.00 | -2.09% | 9509.28 | Bullish |
| Nasdaq | -64.94 | -3.06% | 2057.48 | Bullish |
| SP 500 | -27.23 | -2.58% | 1029.85 | Bullish |
| Russell 2000 | -20.53 | -3.40% | 583.75 | Bullish |
| NYSE | -192.83 | -2.79% | 6718.05 | 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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