Markets mixed

Stock indexes closed mixed in another choppy session. The slight uptrend via the moving average indicator I usually have on the charts is still holding, with the lows in both the SPY and QQQQ bouncing off those lines on the lows both today and yesterday. The regression channel is of little help here as it is going sideways. The Chinese FXI is breaking down a bit more than the US markets. The Baltic Dry is once again back under 10,000 and either in the process of breaking a pivot low, or if it holds it could put in a short term double bottom, but trend indicators are all heading lower, so I vote for the low breaking and a more severe correction. The dollar index bounced up off the newly upturned moving averages, as well as the regression curve, and looks bullish to me. Gold is still forming a triangle, with the moving averages going absolutely flat, while the regression channel is still pointng up but losing momentum with price sitting right on the support line. Crude put in an inside bar after the big upday yesterday. Price is slightly above the trend lines, however the moving average lines are in the bearish position, so if momentum returns to the downside in crude there could be a test of the recent low, and would result in a nice three-drives to a high pattern with failure.

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