Midday Market Commentary For 09-24-2014
Noontime markets have recovered from the morning doldrums to a more respectable green showing on falling volume as the HFT computers push the averages upwards.
By noon the averages were climbing, but a persistent presence of bearish investors have slowed the ascent to now a sideways trading in a very narrow zone. The past 2 sessions have worried me in that they haven’t gone down as predicted, nor have they moved back up.
Sometimes sideways means consolidation before moving upwards again but in an already oversold condition ($NYMO below) we should be melting back up ‘nicely’ and that hasn’t happened.
The medium term indicators are leaning towards the hold side at the midday and the short-term market direction meter is bullish. We remain mostly, at best, neutral and conservatively holding. The important DMA’s, volume and a host of other studies have not turned significantly and that is not enough for me to start shorting, but now I am getting very concerned. The SP500 MACD has turned down, but remains above zero at +5.06. I would advise caution in taking any position during this uncertain period although some technical indicators have starting to turn bearish.
Investing.com members’ sentiments are 72 % Bearish and it seems to be a good sign for being bullish. The ‘Sheeples’ always seem to get it wrong.
Investors Intelligence sets the breath at 57.0 % bullish with the status at BearConfirmed.
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 61.41.  In support zone and testing.
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 70.80.  In support zone and testing.
StockChart.com 10 Year Treasury Note Yield Index ($TNX) is at 25.44. Treasury Yield Curve Approaches Flattest Since 2009.
StockChart.com Overbought / Oversold Index ($NYMO) is at -71.65. But anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold.
