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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 695.17+0.2%4:00 PM EST
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To: Johnny Canuck who wrote (47852)5/1/2012 11:17:03 PM
From: Johnny Canuck  Read Replies (1) of 69695
 
Despite the low reading in the VIX the lack of a consistent pattern in the market from day to day indicates a lack of conviction on the part of traders. The low VIX just indicates the intra-day and inter-day moves have not been extremely large on individual stocks.



On a day without significant economic news and company earnings news the market looks like it wants to go up. Keep in mind the employment report is Friday.



DOW finished at a new 42 week high. The volume picked up later in the day as conviction grew
in the move. There is still no new high in the DOW transport.



DOW transport still in a tight consolidation pattern.



Indecisive consolidation pattern on the COMPQ. No one is sure which way this will go.



Consolidation pattern on the financials.



Gold in a consolidation pattern.



Energy transitioning out of the sell signal.



Russell small cap index negated its sell signal a few days ago and is now in a consolidation pattern.
Traders are looking for direction and they are not finding it.



Nat gas generated a buy signal today as it confirmed the move on Friday. It looks like traders are anticipating the end of the shoulder season which is about 4 weeks away.

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