Markets Flat Yesterday and Look to a Down Open This Morning

Markets traded essentially flat yesterday.   Futures along with the DAX are negative this morning, indicating a negative open.  The market condition scans are showing no strong directional bias.  The market bias indicators are also showing no clear directional bias.  This suggests another choppy day.  Market energy is weak, meaning we may see the markets drift down today due to lack of interest.  The stock markets jumped ahead of the fundamental economic data, as they are a leading indicator.  While the economy is improving, the recovery is fragile, with worries about the rising deficits being created by countries around the world.

US jobless claims came out this morning and were within expectations, so unlikely to move markets.  The Natural Gas Report comes out at 10:30 am today.

Index	Change	%Change	Level	Phase
TSX	+22.69	+0.20%	11652.69	Bullish
DJIA	-11.11	-0.11%	10426.31	Bullish
Nasdaq	-10.64	-0.48%	2193.14	Bullish
SP 500	-0.52	-0.05%	1109.80	Bullish
Russell 2000	-2.19	-0.36%	600.15	Warning
NYSE	-7.35	-0.10%	7226.71	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