This morning futures and the DAX are positive indicating a positive open. The market condition scans are showing limited institutional activity and the momentum buy and momentum sell scans are virtually equal suggesting no strong directional bias and a trading range market. The market bias indicators are also relatively neutral, showing a very weak downside bias.
The markets may react to the US retail sales, which are up much better than expected, due largely to auto sales. The Empire Manufacturing Index is above zero, but slightly below expectations. Canadian September Manufacturing sales are up 1.4% vs. the expected 1.7%.
Commodities continue to benefit from the weakness in the US Dollar with oil up slightly this morning and gold and silver continuing to trade positively.
| Index | Change | %Change | Level | Phase |
| TSX | +46.92 | 0.41% | 11407.68 | Warning |
| DJIA | +73.00 | +0.72% | 10270.47 | Bullish |
| Nasdaq | +18.86 | +0.88% | 2167.88 | Bullish |
| SP 500 | +6.24 | +0.57% | 1093.48 | Bullish |
| Russell 2000 | +5.95 | +1.03% | 586.28 | Warning |
| NYSE | +56.84 | +0.80% | 7119.89 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias
Energy: weak
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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