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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 (48699)	11/7/2012 12:38:06 AM
From: Johnny Canuck	Read Replies (1) of 69833

Potential relief rally tomorrow as a clear winner was decided in the Presidential election. Don't expect it to last long though as it is still the "economy stupid" and the fiscal cliff is next. Day 2 of the current move in the SP500. Potentially 1 or 2 days more to the upside before counter rallying in the opposite direction. Same comment on the DOW. A break of the trend towards lower highs on the DOW transports would go a long way to convincing traders that the current rally on the other indices is not on shaky fundamentals. It is not a good sign that the current counter rally on the COMPQ is so weak in intensity and only on average volume. It continues to be an area of weakness in the market. Third attempt at a new high in the financial sector. The declining volume on this rally is not a good sign but the euphoria over the election might be enough to break it through to a new high if only even temporarily. Long term potential trend change as the 50 day SMA crossed below the 200 day SMA. It needs to cross over the 200 day SMA in the next few days in order to negate the sell signal. Similar potential long term trend change to the downside on gold Natural gas still in a positive up trend pattern, but the current sideways action through most of October indicates the move is losing momentum. I don't like the way commodity related indices are reacting as typically commodities are seasonally strong between now and April. The weakness in commodities is an indication that a slower economy is being priced in.

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