Futures this morning are down slightly along with the DAX, indicating a down open. The market condition scans continue to show a positive bias, confirming the bullish stance of the overall market remains. The market bias indicators are indicating a statistical bias for a pullback. Given the positive market action of yesterday and the mixed signals from the market condition scans and the market bias indicators, it is likely to be a resting day today.
The US Inflation report came out this morning at 8:30 am and the numbers were within expectations, so this is unlikely to have much impact on the market today. Goldman Sachs (GS) and Citibank (C) have reported earnings, with GS beating expectations and C continuing to disappoint.
The Dow Jones Industrial Average breached the psychological 10000 level yesterday, which could potentially mean another leg up as the money still sitting on the sidelines starts to enter the markets. Today we are more likely to see some profit-taking.
| Index | Change | %Change | Level | Phase |
| TSX | +119.24 | +1.04% | 11532.78 | Bullish |
| DJIA | +144.80 | +1.47% | 10015.86 | Bullish |
| Nasdaq | +32.34 | +1.51% | 2172.23 | Bullish |
| SP 500 | +18.83 | +1.75% | 1092.02 | Bullish |
| Russell 2000 | +12.24 | +2.00% | 623.94 | Bullish |
| NYSE | +150.51 | +2.14% | 7182.28 | 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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