Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 691.88

-0.3%

Jan 30 4:00 PM EST

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To: Johnny Canuck who wrote (48834)	12/5/2012 2:15:24 AM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 70329

Short term and intermediate term trends still remain down on the SP500. The index has stalled at the 50% re-tracement level which is normally what happens after a sell off. One plus is the longer term trend as denoted by the 200 SMA is still up. Now that tax loss selling is almost over for the large fund traders, the focus is on the fiscal cliff discussion and Christmas sales numbers. Same comment on the DOW as the SP500. DOW transports have confirmed a lower higher so the longer term sideways bias on the index is taking on a negative short term and intermediate term bias. COMPQ confirming the test of the 50% re-tracement level. Note that the index counter rallied to just short of the 50% level so this index is weaker than the other indices. Russell 2000 short term and intermediate trend is negative. 50% re-tracement level has been reached and the index is counter rallying back down. Financials turning modestly negative in the short and intermediate term. On the plus side the longer terms trend is still up. The energy sector has a negative short and intermediate trend. The longer term trend has turned sideways. I expect traders in the energy sector to take a wait and see attitude. Given that the energy sector is deeply cyclical in nature it indicate traders still have no confidence in the world's economy staging a rally 9 months out. Gold looks to be back to forming a sideways trading channel.With a slight negative bias.Potentially gold is good for a swing trade, but no defined trend is currently indicated. Natural gas testing the congestion area that it broke out of in October. A break of that level with an acceleration of volume would indicate a major shift in the sentiment of traders.

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