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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 681.92-0.7%Dec 31 4:00 PM EST
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To: Johnny Canuck who wrote (47848)5/1/2012 2:23:43 AM
From: Johnny Canuck   of 69345
 
Day 2 of the counter rally after 4 consecutive up days. I would expect one more down day till there is a counter rally to the upside again. If the day day tomorrow breaks the uptrend line a new sell signal will be triggered after a confirmation day.



Same comment on the DOW, but it would take a low more to break the lower up trend line.



DOW transports continue to be in a consolidation pattern. Interesting there is a symmetric triangle forming short term that indicates that traders are not sure which direction it will break in.



COMPQ failed to test the recent highs. Essentially there is a lower high forming.



Finances on the verge of entering a consolidation pattern.



Gold entering a consolidation pattern.



Energy sector remains on a sell signal.

Russelll small cap index whipsawed back to a sell signal. The volatility indicates a lack of faith in small cap stocks right now.



Natural gas crossing the down sloping 50 day SMA. A trend change might be underway, but this level will provide strong resistance based on volume by price. A lot of people will be getting even at this price and will be looking to get out. I expect a strong counter rally to this mini-rally.

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