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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 (48694)	11/2/2012 4:36:06 AM
From: Johnny Canuck	Read Replies (1) of 69854

SPY breaking the consolidation pattern to the upside. I am not sure any move will have any staying power as a reaction to the presidential election can turn the market on a dime. I would wait till the election is out of the way to figure out a market direction. Same common on the DOW. Same underlying theme on the DOW transports. Making the DOW transports more interesting is that this is the 5 up day in a row, so a counter rally is due. COMPQ just stopping short of triggering a major technical break down. It can still trigger if it breaks the 200 SMA in the next few days. A break above the trend line would negate the sell signal on the financials. Energy still on a sell signal and the bounce today was weaker than the other indices. Muted world economic growth is weighing on the sector. A sell off on this sector may signal a multi-year underperformance of this sector. Gold may be forming a new up trend as a series of short term higher lows have been forming. Natural gas forming a series of lower lows. A break of $3.40 would lead to accelerated selling.

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