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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 695.40

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4:00 PM EST

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To: Johnny Canuck who wrote (48830)	12/3/2012 9:31:50 PM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 70349

It looks like the indices started up and steadily sold off during the day. It is not good that the normal counter rally around 11:00 am est was and that the indices essentially finished below the low of the earlier part of the session. SP500 failed to generate a buy signal to reverse the intermediate down trend. It is normal to expect resistance one of the closely followed moving averages. A break of the 50 day SMA with strong and above average volume is needed to get more trader back on the long side. Keep in mind the long term trend as denoted by the 200 SMA is still up. DOW is weaker the SP500. The price is still a little aways from the 50 day SMA. A trend change is not denoted yet. I don't like the fact the DOW transports just completed a lower high on the current move up. It means the intermediate trend is slight negative now. Keep in mind the DOW can't make a new high without a new high on the DOW transports. COMPQ failed a test of the 50 day SMA from below on light volume. The trend though slightly positive is still vulnerable to the downside. Russell 2000 essentially flat on the day after a lot of intraday volatilitiy. The momentum looks to be stalling. Financially services sector looking like it is entering a sideways trading range. Energy looking like it will continue my make a transition to a negative intermedate trend.. Gold looks like the intermediate trend is about to turn negative. Natural gas setting up for a potential intermediate sell signal. This is surprising given that seasonally this should be strong period. Keep in mind the price of natural gas may have come too far to fast though and as a result it needs to to work through all the excesses before it can make its next move.

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