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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 675.24

-1.2%

Nov 4 4:00 PM EST

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To: Johnny Canuck who wrote (47295)	12/2/2011 5:05:18 AM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 67640

The intervention from the central banks rallied the markets from the recent down trend, but the indices still remain in neutral signal. SPY stalling at the 1250 break out level. We would expect some consolidation for the next few days without an external catalyst. The SP500 needs to clears the recent high to generate a new buy signal. The same comment applied the COMPQ. The same comment on the DOW. Interesting the DOW is the closest to the recent high. It seems to be leading the rally which is interesting as the DOW is made up of old economy stocks. DOW transports confirming the move on the DOW. Financials still in a long term down trend. Short term neutral on gold. GLD bouncing off a long term up trend. Silver still volatile and a mess. No clear indication to take a position or go short.

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