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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 683.47

+0.6%

Nov 28 4:00 PM EST

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To: Johnny Canuck who wrote (46658)	3/16/2011 4:25:36 PM
From: Johnny Canuck	Read Replies (1) of 68426

Indices opened flat and struggled to stay there in the first hours of trading. The normal counter rally around 11:00 EST turned into a sell off and downward pressure continued throughout the sesssion. News of worsening nuclear problem in Japan around 2:30PM EST lead to another gap down. The marke tried to rally in the last hour od trading, but only manages to finish slightly off the lows of the session. The trading was orderly with money coming out of the strong stocks of yesterday and going into weaker stocks with better upside on any rally. The volume accelerate for the first time since the sell off started. It is still not enough volume to signal a bottom. The volume remains lower than traditional levels. The switch to trading ETF's of the indices may be effecting the volume of trading of stock on the actua indices. I am looking for volume of 7 to 8 million on the NYSE and a intraday tick of -1000 to signal a bottom. Dow 11,613.30 -242.12 -2.04% Nasdaq 2,616.82 -50.51 -1.89% S&P 500 1,256.88 -24.99 -1.95% 30-yr Bond 4.3880% -0.0800 NYSE Volume 6,568,879,000 Nasdaq Volume 2,573,386,250

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