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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 680.59

+0.6%

Dec 19 4:00 PM EST

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To: Johnny Canuck who wrote (43094)	2/22/2006 4:23:48 AM
From: Johnny Canuck	Read Replies (1) of 69166

SPY and DIA testing the upper part of their trading ranges. A break out signals higher prices for the over all market. The fly in the ointment is the QQQQ's. They are doing the cross of death (20 EMA cross below 50 EMA from above) signaling lower prices ahead. It is on light volume though, but the bias is to the downside. The SMH is essentially trapped in a very tight trading range so no help there. SPY and DIA will not sustain a intermediate term high unless the QQQQ and SMH follow. The bias is the to downside as opposed to up for the over all market right now as a result.

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