Opening Market Commentary For 06-27-2014
Today’s morning session looks remarkably similar to the past 2 sessions in that the averages have climbed off the morning lows and are slowly melting upwards.
By noon the volume, like the 2 past sessions, has fallen to a low point and only the large caps remain in the red. What remains to be seen is if the averages can close solidly in the green as the caution flags are once again flying.
The short term indicators are leaning towards the hold side at the midday. The all important signs of reversal, up or down, have not been observed so we are mostly, at best, neutral and conservatively holding. The important DMA’s, volume and a host of other studies have not turned and that is not enough for me to start shorting. The SP500MACD has turned down, but remains above zero at 14.61. I would advise caution in taking any position during this volatile period.
Barchart.com shows a 72 % buy. Investing.com members’ sentiments are 59 %bearish and Investors Intelligence sets the breath at 68.5 % bullish with the status at Bear Correction.
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 73.56.
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 83.20.
(Click on $BPNYA or $BPSPX to see chart)
The markets are still susceptible to climbing on ‘Bernankellen’ vapor, use caution!
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The DOW at 12:00 is at 16821 down 25 or -0.15%.
The SP500 is at 1957 down 0.19 or -0.01%.
SPY is at 195.39 down 0.04 or -0.02%.
The $RUT is at 1185 down 0.48 or -0.04%.
NASDAQ is at 4386 up 7 or 0.16%.
