Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 695.17

+0.2%

Jan 12 4:00 PM EST

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To: Johnny Canuck who wrote (48149)	6/25/2012 8:19:26 PM
From: Johnny Canuck	Read Replies (1) of 69696

Market selling off on Spain finally officially asking for a bailout. If it has already been priced in the market it will bounce tomorrow. In the absence of a clear market direction the SP500 is going in the path of least resistance and that is down. Short term and intermediate direction down and longer term still positive but slowly transitioning to a sideways pattern. Support at 1250. Same comment on the DOW. Support at 12,000. DOW transports testing the bottom of the sideways channel and just barely hanging on. COMPQ short and intermediate term direction is down. The COMPQ is the one index that has a long term average pointed in a strong positive direction, but it has shown very little leadership in the past few weeks. A few more weeks of down trending values would turn the 200 day SMA flat. Financials has a flat short term direction, a downward biased intermediate direction and a flat longer term direction. Essentially there is very little direction in the finances right now. Till earnings season starts in earnest or the next crisis emerges there is no reason to be in this sector. Gold is essentially negative in all time frames. The longer term average is only slight negative but the best case scenario right now is gold is transitioning into a longer term sideways pattern with a very wide trading range. Perfect of short term swing trading, frustrating for everyone else. Energy short term and intermediate term is on a sell signal. Longer term the best that can be said is it is moving sideways with a negative bias. Another down day tomorrow has it breaking a strong support level. Russell 2000 just confirmed a lower high in the most recent rally. Short term and intermediate term the direction is down. Longer term the direction is sideways. Essentially an indecision day on natural gas. The tight open and close range suggest traders did not know which direction the price will go in the future. Another sector which is dead money till a direction emerges.

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