Written by Gary

Premarkets were up +0.2% and gradually fell to +0.07% (flat) at the opening. The DOW and the SP500 jumped to new highs, then fell immediately to -0.1% and finally sea-sawed their way back to the unchanged line.

By 10 am the averages were in the red by varying degrees with the small caps trending up, but mostly sideways. Be careful of reversals.

Our medium term indicators are leaning towards sell portfolio of non-performers at the opening and the short-term market direction meter is fractionally bearish. We remain mostly, at best, negative and conservatively bullish, neutral in other words. 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 up, but remains above zero at 24.31. 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 64 % Bearish (falling from 70% and now rising from 33%).

Investors Intelligence sets the breath at 51.7 % bullish with the status at BearCorrection. (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 51.24. (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!)

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) is at 57.31 %. (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 55.74. (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 67.20. (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 23.60. (Chart Here)

StockChart.com Consumer Discretionary ETF (XLY) is at 68.06. (Chart Here)

StockChart.com NYSE Composite (Liquidity) Index ($NYA) is at 10,890. (Chart Here) We are above the resistance (10,301) but is this a test of the next resistance at ~10600/800, watch to see if these numbers decline back down. If they don't then there an excellent possibility for the markets going higher now that we have topped 10800. Next stop down is 10600, 9750, then 9250, and 8500.

The longer 6 month outlook is now 30-70 sell (probably should be 20-80 sell) and will remain bearish until we can see what the effects are in the Fed's game plan.Sooner or later brighter skies will return over the market. Until then, investors should employ the first thing one learns while in a foxhole; keep their head down.

The DOW at 10:15 is at 17601 down 13 or -0.07%. (Historical High 17,624.37)

The SP500 is at 2037 down 1 or -0.05%. (Historical High 2,039.14)

SPY is at 203.88 down 0.12 or -0.06%.

The $RUT is at 1177 down 2 or -0.21%.

NASDAQ is at 4647 down 5 or -0.10%.

NASDAQ 100 is at 4173 down 3 or -0.06%.

$VIX 'Fear Index' is at 12.95 up 0.28 or 2.21%. Bearish 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 down and trending higher.

WTI oil is trading between 77.64 (resistance) and 76.44 (support) today. The session bias is neutral and is currently trading up at 77.27. (Chart Here)

Brent Crude is trading between 82.99 (resistance) and 81.84 (support) today. The session bias is neutral and is currently trading up at 82.39. (Chart Here)

Gold rose from 1145.61 earlier to 1157.66 and is currently trading down at 1154.80. The current intra-session trend is sideways. (Chart Here)

Dr. Copper is at 3.002 falling from 3.024 earlier. (Chart Here)

The US dollar is trading between 88.15 and 87.77 and is currently trading up at 87.99, the bias is currently sideways. (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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