stock-market-outlook-intraday-midday

After yesterday’s market pummeling the futures had shown a recovery bounce of around 50% of the loss taken on Thursday. However the jobs reported which was better than any analyst had expected, shot up the 10 year treasury yield and that wiped out of the bounce.

Let’s look at the stats half way through the lunch hour to see if we can see if the market will end the day positive or should we expect a drop lower this afternoon.

New York Stats:

Volume is average at 2.3 billion shares traded.

New 52 week lows are at 215 while new highs are 56. This is still bearish.

Volume is 52% to the upside which is a bit surprising as 60% of all stocks are falling.

NASDAQ Stats

Volume is low at just 2 billion shares traded. Obviously a lot of investors are taking a wait and see approach as stocks head into the lunch hour.

New 52 week lows are 291 which is high but nothing like what we saw in the sell-off just two weeks ago.

New 52 week highs are just 26 which is somewhat bearish.

60% of all volume is being traded higher which is bullish.

45% of all stocks are continuing to fall while 43% are rising. That’s a rather mixed outlook.

Outlook:

The outlook is still bearish. The second sell signal from last night in the S&P was confirmed intraday as the 21 day kept falling today.
Both indexes look like we will see further weakness in the afternoon today.
TSX Composite Index – Canadian Stock Market Outlook
For those who follow the smaller Canadian Market, the TSX is up 146 points thanks to bank stocks rising again. The TSX is at 21,240. The 21,000 level has been a very difficult valuation to move solidly above. It shows that for now, Canadian equities are fully valued which is why the index is having trouble moving higher.
Volume is low at just 187 million shares traded.  Of volume 78% is to the upside which is very bullish.
52% of stocks are rising which is also bullish.
There are 64 new 52 week highs and 102 new 52 week lows which shows that despite the volume to the upside, investors are rather bearish on the TSX.
Summary
The outlook is negative for the afternoon. We could see a bigger bounce this afternoon but I would expect selling in the final hour or half hour today.


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