Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 691.88

-0.3%

Jan 30 4:00 PM EST

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To: Johnny Canuck who wrote (47460)	2/3/2012 10:49:49 PM
From: Johnny Canuck	Read Replies (2) of 70319

SP500 just shy of the May high. Nice gap up today on the employment data. The lack of volume is concerning, but it might be traders just being cautious ahead of the weekend. Traders do like to take positions into the weekend and Monday could bring news that could sink your position. DOW establishing a new trading range. The move is being supported by heavy volume and despite being overbought it could run for while it confirms the move on Monday. DOW transports confirming the move in the DOW. It really need to confirm a new high itself to say that DOW is safely in a new tradiing range that will run for a while. Gap up on the COMPQ also, but again it does not have the accelerate volume on would like to see on a break out to a new high with conviction. Gap up on the financials also with lot of confirming volume. It needs a follow through day on Mobday to confirm. Some profit taking on gold. It could fill the gap at 1640 or even pullback to 1600. A trade below 1640 take the price range back into the downward channel and would generate a sell signal.

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