Futures Pointing to a Down Open for Equity Markets

Both the futures and the DAX are negative this morning, indicating a negative open.  The market bias indicators remain neutral along with the market condition scans, indicating no directional bias.  This suggests a choppy trading day.  Dell Computers (DELL) missed both earning and revenue expectations.

The Bank of Japan (BOC) is holding their Central Bank Rate at 0.1% and have indicated that Japan is once again experiencing deflation.

According to Mark Carney, Governor of the Bank of Canada, indicators are showing start of recovery.  Also he indicates that the Bank of Canada does not have a target for the Canadian Dollar.

According to the IMF, the Chinese Yuan is extremely undervalued.

Once again trading will be speculative and price follow through is likely to be weak.

Index	Change	%Change	Level	Phase
TSX	-52.39	-0.45%	11600.30	Bullish
DJIA	-93.87	-0.90%	10332.44	Bullish
Nasdaq	-36.32	-1.66%	2156.82	Bullish
SP 500	-14.90	-1.34%	1094.90	Bullish
Russell 2000	-14.47	-2.41%	585.68	Warning
NYSE	-109.07	-1.51%	7117.64	Bullish

Source: Telechart

Short Term market outlook:

Bias: Scans showing a neutral bias

Energy: weak

Primary Trend: sideways to down

Market: Trading Range

Sector	Phase
Consumer Staples	Bullish
Healthcare	Warning
Technology	Bullish
Utilities	Warning
Energy	Bullish
Financials	Warning
Industrials	Bullish
Materials	Bullish
Consumer Discretionary	Bullish

Source: Telechart