Choppy Trading – Stock Market Outlook Afternoon Analysis for Fri Oct 8 2021

Intraday Chart Analysis - Stock Market Outlook - Afternoon

Following the September jobs report, it is obvious the recovery still will be months and that gives room for the Fed’s strategy to “go-slow” to work out. The market choppiness today is not unexpected. Investors were positioned for the market to climb after the September jobs numbers. When that failed, they didn’t want to “get out” but they also didn’t want to risk fresh capital into stocks. That means the index would trade in choppy fashion.

The individual stats on the markets into the mid-afternoon today still suggest that we may have seen the bottom, on Wednesday of the current week.

All indexes are weaker to flat but we could see the S&P rally inn the final hour or half hour today to turn positive. Losses are small heading into the afternoon.
New York / S&P
The S&P is down just a couple of points.
New lows are at just 67 while new highs are 151.
Up volume is 61% of all trades but 49% of all stocks are falling.
The NASDAQ is not as strong with 94 new 52 week highs but 116 new lows.
51% of volume is being traded lower with 47% being traded higher. Only 39% of all stocks are rising, which is too low to turn the index positive at present.
TSX Composite Index – Canadian Stock Market Outlook
For investors who follow the Canadian stock market, volume is terrible at just 200 million shares traded to 2:00 PM which is well below average. 66% of all volume is being traded to the upside which is better but only 37% of stocks are rising. This shows that many investors are buying the same stocks, those that are rising.
New highs are up to 69 while new lows are at 55. This index is a bit more bullish today.
The TSX should close positive today.

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