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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.10

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Jan 23 4:00 PM EST

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To: Johnny Canuck who wrote (48736)	11/15/2012 3:31:59 AM
From: Johnny Canuck	Read Replies (1) of 69968

Most of indices broke their temporary consolidation pattern today and continued with the intermediate down trends. If these moves do not reverse in the next 3 days to above yesterdays;s levels I would expect this intermediate down trend to play out for a few weeks in order for the technical damage to be repaired. We have still not seen a 10% correction from the recent highs. SP500 breaking the 200 day SMA on above average volume, Today is day one of a new pattern. Options expiration is distorting the trading, so it is too early to take any new positions. DOW was already below the 200 SMA so the resolution of the consolidation pattern to the downside was to be expected. DOW transports testing the low end of the range. A reversal here would at least set a higher low. COMPQ just barely clearing the 10% correction level. Index is still on an intermediate sell signal. Financial sector about to break the 200 SMA. A break of this level would indicate that the selling is more than just a short term correction. Energy already has indicated a major shift in sentiment. I expect this selling to continue on for a while before a bottom is set. Gold still technically on a sell signal, but it is coming close to negating that signal. NAT Natural gas attempting to set a new high.

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