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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 677.60-1.3%Feb 5 4:00 PM EST
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To: Johnny Canuck who wrote (48819)11/28/2012 9:17:47 PM
From: Johnny Canuck1 Recommendation  Read Replies (1) of 70504
 
Market rallied on rumor of an agreement to resolve the fiscal cliff situation. A agreement would be a short term event as it is still the state of the economy that is going to dictate the trend.

SP500 if it can follow through tomorrow will have resolve the consolidation pattern to the upside. A subsequent break of the 50 day SMA would set up a run to the recent high. Wait for the pattern to confirm though as trader are nervous right now and will change direction at the drop of a hat. The volume today is constructive though.
The negative is the close just barely cleared the localized high from 3 days ago.



DOW quite a bit weaker than the SP500 as the close did not clear the localized high from 3 days ago.
It also have not reach the 50% retracement level before stalling.



DOW transports followed through and looks to run to the recent localized high. The fact that it is following the counter rally in the DOW is a real positive.



COMPQ also showing weakness relative to the SP500. COMPQ is still in an intermediate down trend though.



Russell 2000 did not reach the 50% retracement level before stalling. The rally is constructive but it is one of the weaker sectors relative the SP500.



Financials trying to counter rally but essential rolling over.



Energy still in an intermedaite down trend.



Gold failed the test of the 50% retracement level. It looks like it found support today, but wait for a confirmation day to confirm the next direction.



Just some profit taking on the natural gas index. The modest uptrend still looks intact.

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