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Market Direction Outlook For Aug 13 2014 – No Confirmation as Bias Moves Lower

Aug 12, 2014 | Stock Market Outlook

This is an abbreviated market direction outlook for August 13. Most of the past two days have been spent researching and completing a number of very large strategy articles. I posted the first one late this evening on 5 rescue strategies for YUM and AFL Stock in the money naked puts. You can access that article here.

The next article being posted looks at building a portfolio and I should have it up Wednesday or at the latest Thursday. These articles take a long time to research and write and sometimes that interferes with the daily writing I do when I look at stocks and general market direction and trading.

As the article tonight took longer than planned, I have to abbreviated the market direction outlook for both the S&P and the Toronto Stock Exchange. Here is a short outlook as to what I am expecting for tomorrow.

SPX Market Direction Outlook And Strategy for August 13 2014

Perhaps the most important aspect of today was that the market did not fall below 1930 once again. Despite some negative news out of Ukraine, stocks tried to hold the 1930 level and a number of times fell below it but each time recovered. At one point the Dow even turned positive although it closed down for the day.

For August 13 I am expecting the market direction to try to consolidate and while the technical indicators are still pointing to the market direction trying to push higher I think overall the market direction seems like it wants to move lower. I will do a morning update tomorrow but the rate of change remains negative and sideways although the slow stochastic is pointing to further gains. Momentum is still quite negative but the Ultimate Oscillator is trying to break back to positive. Overall stocks look weak here. Without a confirmation of Friday’s rally I remain suspect of the market direction recovering here.

Toronto Stock Exchange Market Direction Outlook

For Toronto stocks are pushing along the 50 day simple moving average (SMA). At the present time when you look at the 3 month chart, the index has a straight line moving higher since February. Most of the technical indicators are positive but MACD and Momentum remain negative. These are two important indicators and while Toronto tends to follow the US markets in general, we could see the TSX pullback a bit on Wednesday.

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