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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 670.21

-1.1%

Nov 6 4:00 PM EST

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To: Johnny Canuck who wrote (49166)	2/4/2013 7:52:24 AM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 67710

Trying this again as I have had problems with posting graphs this weekend. SP500 moving to new high on above average volume. It is a positive that traders are willing to hold positions over the weekend given the advances nature of the rally. The rally on Friday was trigger by good job growth numbers. Same comment on the DOW. The fact that the DOW transports also failed to make a new high is of concern. It could just be that there is a change of leadership as the transports lead the current rally in the other other indices. By itself this is now a sell signal, but it might be an indication the rally is getting long in the tooth. A little consolidation is expected by most traders in order to set the stage for the next move higher if the next move is higher. COMPQ still consolidationg sideways though it does look like it is finally trying to break out of the consoldation range. Russell 2000 gapping up to a new high on extremely high volume. Interest in the small cap is a good sign that we are still seeing a lack of fear on the part of traders to the bullish side. Financials also moving to a new high on above average volume. The strength in this sector continues to surprise me and indicates that traders are losing their negative bias to the sector. Energy struggling to make a new high. We are starting to get close to the shoulder season which is the transition from the winter heating season to the summer cooling season which are high energy demand periods in the year. Spring and fall are transition periods where the demand slackens and energy demand weakens and therefore energy prices weaken. Gold is starting to form a sideways consolidation pattern. A break of 1600 would indicate that start of a more serious sell off in gold. As the stock market has improve more traders are moving aways from gold as a hedge. It looks like natural gas is waiting for some event as it has essentially move sideways for the last few days.

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