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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 681.44

+1.6%

Nov 10 4:00 PM EST

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To: Johnny Canuck who wrote (51241)	1/23/2015 1:38:17 AM
From: Johnny Canuck	Read Replies (1) of 67828

Day 4 for the counter rally on the SP500. As we get to day four the probability of a 5th and 6th consecutive up date in a row get less and less. Though technically today is day 4 the rally is labouring as the momentum was less today just barely closing above the close of the previous day. It looks like the 50 day SMA is acting as resistance. . The DOW is a little more constructive as it crossed the 50 day SMA today potentially setting up an intermediate buy signal. Conservative traders will wait for a new high before taking a positive, but the heavy and accelerated volume indicates there is some conviction on the part of traders. This is earnings season through so expect anything to happen. DOW transport crossed the 50 day SMA today on heavy volume. A follow through day today would confirm a new buy signal. As with the DOW wait for a new high. COMPQ also crossed the 50 day SMA. A follow through day would confirm an intermediate buy signal. Again wait for a new high to be confirmed. Russelll 2000 crossing the 50 day SMA. Potential intermediate buy signal setup. Again a new high is necessary to engage conservative traders. The volume is light on this rally. Another lower low on the agriculture index. This 12 days down in a row. I am surprised that we have not seen a significant counter rally yet. I do expect lower lows to be set in the intermediate term though. Intermediate sell signal still on CORN. Despite the strong counter rally on heavy volume an intermediate sell signal is still in place. Energy still on an intermediate sell signal. Gold still on a buy signal in all time frames. Natural gas testing the new low boundary. So far it is holding for now.

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