Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 670.97

+0.1%

Nov 7 4:00 PM EST

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To: Johnny Canuck who wrote (49177)	2/4/2013 9:31:31 PM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 67799

SP500 breaking the low bounds of the trading range from last week. Potential test of the 1450 break out level with some support at the 1460 level. No trend has held during earnings season so far so a reveral back to the plus side is possible. There is lots of wiggle room till we break 1450. Till then I only expect a minor sell off to resolve the overbought condition. Same comment on the DOW. DOW transport also working off an overbought position. COMPQ on the verge of breaking the low bounds of the consoldation pattern it exhibited for most of January. Russell 2000 still in an uptrend technically, but it needs to work off the overbought condition. The next few days will tell if this is more than just a minor correction. Financials still in an uptrend though it is losing some of it momentum. A minor correction or an extended sideways consolidation is need to work off the overbought condition. Energy filling the mini gap from last week again. Energy still remains in an intermediate uptrend for now. Gold still in an intermediate sideways consolidation pattern. Natural gas looking like it is waiting for something.

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