Over the last few days, I have indicated that the rally looked extended and that we remained below the 200 day moving average for the indexes. Yesterday, the markets finally made a decision on direction, and we started the correction that the indicators have been telling us was coming. We remain in a bottoming market condition.
The DAX is negative this morning and so are the futures, indicating a negative open. The market condition scans are showing a weak bias to the downside and the market bias indicators are showing bullish signals, which may indicate that the price action today may be choppy and not strongly bearish.
| Index | Change | %Change | Level | Phase |
| TSX | -368.19 | -3.65% | 9709.51 | Recovery |
| DJIA | -184.22 | -2.18% | 8284.89 | Recovery |
| Nasdaq | -51.73 | -3.01% | 1664.19 | Recovery |
| SP 500 | -24.43 | -2.69% | 883.92 | Recovery |
| Russell 2000 | -23.36 | -4.72% | 471.82 | Recovery |
| NYSE | -192.67 | -3.29% | 5666.47 | Recovery |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias but more positive momentum than negative momentum
Energy: moderate
Primary Trend: Remains down to sideways
| Sector | Phase |
| Consumer Staples | Recovery |
| Healthcare | Recovery |
| Technology | Recovery |
| Utilities | Recovery |
| Energy | Recovery |
| Financials | Recovery |
| Industrials | Recovery |
| Materials | Recovery |
| Consumer Discretionary | Recovery |
Source: Telechart
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