Futures are marginally positive and the DAX is marginally negative, indicating a mixed open. Market condition scans continue to have a positive bias, but energy is weakening. The market bias indicators are still showing a weak negative bias. The combination of these indicators along with options expiry suggest today will be a choppy day.
Markets had a mild down day yesterday, which looked like a resting day. We have had 8 up days, with yesterday essentially a neutral day. This may be the beginning of a swing down cycle since the indexes are all extended above their 5 and 10 day moving averages. Also, the market stochastics are in the oversold zone which is also suggestive of a potential pullback.
This will give us an opportunity to look for entries in stocks with good fundamentals near support.
BRLI, our papertrade, had a down day yesterday. Volume remained below the moving average but we will maintain our stop at $32.04.
| Index | Change | %Change | Level | Phase |
| TSX | -27.37 | -0.24% | 11528.23 | Bullish |
| DJIA | -7.29 | -0.08% | 9783.92 | Bullish |
| Nasdaq | -6.40 | -0.30% | 2126.75 | Bullish |
| SP 500 | -3.27 | -0.31% | 1065.49 | Bullish |
| Russell 2000 | -1.91 | -0.31% | 615.47 | Bullish |
| NYSE | -35.97 | -0.51% | 7002.17 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: moderate to weak
Primary Trend: sideways
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Bullish |
| Technology | Bullish |
| Utilities | Bullish |
| Energy | Bullish |
| Financials | Bullish |
| Industrials | Bullish |
| Materials | Bullish |
| Consumer Discretionary | Bullish |
Source: Telechart
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