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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 691.72-0.1%Jan 16 4:00 PM EST
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To: Johnny Canuck who wrote (48171)6/29/2012 12:36:54 AM
From: Johnny Canuck  Read Replies (1) of 69852
 
SP500 saw accelerate volume, but the range did not clear the high of yesterday nor did it close towards the upper part of the range o yesterday. Essentially this means there is a failed follow through and this is a dead cat bounce; The volatile is all over the place though so there is currently no telling the direction.



DOW has the same story. Surprising both these averages are still pointing up longer term. That means the indices will rally at some point and set a new high or there needs to be another severe > 10% sell off from this point to set the stage for the next rally. The longer this goes no the more likely gravity is to resolve the situation to the down side.



DOW transports still in a sideways channel.



COMPQ actual went down on a day when the other indices rallied. We have talked about the weakness of the COMPQ. This is being confirmed on accelerated volume.



Looks like a dead cat bounce on the financials.



Gold selling off on accelerated volume. It tested the 52 week low again. A few more tested and I would expect tit to break the low.



Energy is one of the few indices where there was a follow though high. With the accelerated volume this could be more than a dead cat bounce.



Russell 2000 index just missed having a follow through day. The volume has been declining on this bounce. This is not a good sign.



Natural gas failed to break the resistance point again.



VIX still not at an extreme so it is not telling us much.

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