Written by Gary

Interesting session today. Fed ends QE 3 and gold and copper drop like a rock, US dollar shots to $86.11, oils remain neutral and the US market averages barely make a move.

By 4 pm the markets closed quietly with volume anemic and mostly in the red. I am really surprised that there wasn't small sell-off as it appears the bull has taken a nap. There are a couple of technical items you should be aware of in this closing chart of the SP500.

The one thing to take careful notice of is that the major averages closed with a reversal Doji candle, the $NYMO is at the 2014 high and the $NYA backed off its high - very bearish. I should have did a small trade in a reverse ETF towards the session end, unfortunately I didn't.

Our medium term indicators are leaning towards sell portfolio of non-performersat the close and the short-term market direction meter is bullish down from very bullish. We remain mostly, at best, negative and conservatively bullish, neutral in other words. The important DMA's, volume and a host of other studies have now turned and may be enough for some to start shorting. Right now now I am getting very concerned any downtrend could get more aggressive in the short-term and volatility may also promote sudden reversals. The SP500 MACD has turned upward, but remains above zero at +1.16. I would advise caution in taking any position during this uncertain period and I hope you have returned your 'dogs' to the pound.

Having some cash on hand now is not a bad strategy as market changes are happening everyday. As of now, I do not see any leading indicators that are warning of a 'long-term' reversal in the near-term. There may be one later in 2015, but any market fluctuations we see now are more of a internal market rectification than a bear market.

Investing.com members' sentiments are 48 % Bearish (falling from 70% and now rising from 33%) and it seems to be a good sign for being bearish. The 'Sheeples' always seem to get it wrong.

Investors Intelligence sets the breath at 44.0 % bullish with the status at BearConfirmed. (Chart Here ) I expect a market reversal at or before ~25.0 should the direction continue to descend.

StockChart.com Overbought / Oversold Index ($NYMO) is at 80.30. (Chart Here) 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. (Now were are high enough to descend again - watch out!) Highest since November, 2013 which was followed by a steep decline.

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) is at53.10 %. (Chart Here) The downside decent has reversed, but will it continue to rise above 50%? The next support is ~37.00, ~25.00 and ~15.00 below that. December, 2011 was the last time we saw numbers in the 20's.

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 447.96. (Chart Here) Below support zone but rising. Next stop was ~57, then ~44, below that is where we will most likely see the markets crash. We are seriously below 44 and need a reversal pronto as it looks like there is nothing to stop the fall until 25 and taking the markets with it.

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 55.20. (Chart Here) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction.

StockChart.com 10 Year Treasury Note Yield Index ($TNX) is at 23.23. (Chart Here)

StockChart.com Consumer Discretionary ETF (XLY) is at 67.00. (Chart Here)

StockChart.com NYSE Composite (Liquidity) Index ($NYA) is at 10,651. (Chart Here) We are above the resistance (10,301) but is this a test of the next resistance at ~10600/700, stay tuned. Next stop down is 9750, then 9250, and 8500.

The DOW at 4:00 is at 16974 down 31 or -0.18%.

The SP500 is at 1982 down 2.74 or -0.14%.

SPY is at 198.06 down 0.30 or -0.15%.

The $RUT is at 1146 down 3 or -0.27%.

NASDAQ is at 4549 down 15 or -0.33%.

NASDAQ 100 is at 4091 down 16 or -0.39%.

$VIX 'Fear Index' is at 14.88 up 0.50 or 3.47%. Bullish to Neutral Movement

The longer trend is up, the past months trend is net positive, the past 5 sessions have been positive and the current bias is neutral and trending down.

WTI oil is trading between 82.85 (resistance) and 81.55 (support) today. The session bias is neutral and is currently trading down at 82.27. (Chart Here)

Brent Crude is trading between 87.92 (resistance) and 86.20 (support) today. The session bias is neutral and is currently trading up at 87.24. (Chart Here)

Gold fell from 1230.32 earlier to 1208.25 and is currently trading down at 1211.00. The current intra-session trend is negative. (Chart Here)

Dr. Copper is at 3.081 falling from 3.113 earlier. (Chart Here)

The US dollar is trading between 86.12 and 85.25 and is currently trading up at 86.11, the bias is currently positive and volatile. (Chart Here) Resistance made in Aug., 2013 (~85.00) has been broken and now is support. This support has gotten much stronger since August, 2014 and isn't likely to fall easily.

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