As suspected this morning, the averages covered the opening gaps and are posting small gains which probably will not hold before the session closing bell is rung.

By noon the $RUT was just into the red, oils were falling and the DOW was slipping back into the red and generally not looking good for the bulls.

Here is an excellent analysis of the markets.

The Bearish Verdict From Market Cycle Analysis

. . . this is the whole story of how I came to my scenario of a 10-20% correction in the stock market this summer, not just a simple Sell-in-May seasonal analysis.

The short term indicators are leaning towards the hold side at the midday. The all important signs of reversal, up or down, have not been observed so we are mostly, at best, neutral and conservatively holding. The important DMA's, volume and a host of other studies have not turned, only a past 6% correction (and recovery) and that is not enough for me to start shorting. The SP500 MACD has turned flat, but remains above zero at 6.84. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 40 % buy. (Remember this has been negative for weeks.) Investing.com members' sentiments are 66% bearish.

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The DOW at 12:00 is at 16516 up 3 or 0.02%.

The SP500 is at 1883 up 2 or 0.08%.

SPY is at 188.24 up 0.72 or 0.38%.

The $RUT is at 1120 up 0.18 or 0.09%.

NASDAQ is at 4130 up 6 or 0.14%.

NASDAQ 100 is at 3596 up 8 or 0.23%.

$VIX 'Fear Index' is at 13.26 up 0.35 or 2.71%. Neutral Movement

The longer trend is up, the past months trend is sideways, the past 5 sessions have been positive and the current bias is positive.

WTI oil is trading between 100.42 (resistance) and 99.06 (support) today. The session bias is negative and is currently trading up at 99.19.

Brent Crude is trading between 108.91 (resistance) and 107.06 (support) today. The session bias is negative and is currently trading up at 107.16.

Gold rose from 1300.23 earlier to 1315.52 and is currently trading down at 1309.00. The current intra-session trend is negative.

Dr. Copper is at 3.059 falling from 3.081 earlier.

The US dollar is trading between 79.57 and 79.48 and is currently trading down at79.51, the bias is currently sideways.