Stocks end flat, Gold and Oil up

I don’t have much to add to my comments from Friday. I had mentioned that there were some small upthrust bars in the past three sessions without much follow-through from the big up day last Tuesday. I did note that there was quite a bit of volume in those upthrusts when viewed by the volume distribution. The upside was tested again today with much more volume and higher value area as seen using the volume distribution, or market profile. To my way of interpretation of the profile this would argue for higher prices at some point, as higher values are being established and accepted. However, in the very short term there seems to be some momentum divergences, so a test back down would seem logical. Also, since those upthrusts are still there with four failures to push higher after the one day surge, it would seem that a test of the downside would clear the way for higher prices – that is if the test holds and lower prices are rejected. Sometimes the market has to go opposite of the trend to see if selling is attracted or rejected. This also would clear the short overbought condition and can give a safer entry point. Of course new information in the way of news can enter the market and disrupt or change any scenario. FOMC minutes are released on Tuesday and there is possibility some wording could cause gyrations. It’s hard to imagine what new information could come out of the minutes that hasn’t already been discounted, but it is possible.
Gold rebounded a bit within a downtrend, and oil is testing highs and still in uptrend. Grains fell off.