The US Federal Reserve will be reporting Wednesday, and the markets tend to chop around waiting for this announcement. This morning the futures and the DAX are down indicating the downward momentum is continuing, after the slight bounce in the US markets yesterday. The downward bias is confirmed by the market condition scans which have high numbers in the sell momentum scan. None of the major sectors are showing any particular strength either. The market bias indicators are showing a neutral bias.
While the overall momentum of the markets is to the downside, we are in what is considered a "value-oriented" market. This means that more emphasis is placed on company revenues and earnings.
| Index | Change | %Change | Level | Phase |
| TSX | -32.40 | -0.30% | 10878.35 | Warning |
| DJIA | +76.71 | +0.79% | 9789.44 | Bullish |
| Nasdaq | +4.09 | +0.20% | 2049.20 | Warning |
| SP 500 | +6.69 | +0.65% | 1042.88 | Warning |
| Russell 2000 | -0.37 | -0.07% | 562.40 | Warning |
| NYSE | +45.49 | +0.67% | 6784.49 | Warning |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a negative bias
Energy: moderate
Primary Trend: sideways to down
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Warning |
| Technology | Warning |
| Utilities | Warning |
| Energy | Bullish |
| Financials | Warning |
| Industrials | Warning |
| Materials | Warning |
| Consumer Discretionary | Warning |
Source: Telechart
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