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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 675.24-1.2%Nov 4 4:00 PM EST
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To: Johnny Canuck who wrote (51254)1/27/2015 10:09:49 PM
From: Johnny Canuck  Read Replies (1) of 67652
 
Still in the intermediate sideways channel on the SP500. Today is day 3 of the pull back from the top of the channel. Today's move setups a new intermediate sell signal, but we expect a counter rally back up in the next 2 days. The strength of the rally will give some clue to the mood of traders. For now traders are still reacting to good news though selective so the market still has a slight positive bias.



Similar comment on the DOW as SP500 but intermediate sell signal confirmed today so it is weaker.



DOW transports in similar situation as SP500. No confirmed new intermediate sell signal yet.



Potential new intermediate sells signal setup on COMPQ. Note the intermediate channel is still in place so wait for a break of the channel before going short or exiting positions.



No confirmation on the intermediate buy signal setup on the Russell 2000.



Agriculture searching for a short term bottom. I still expect lower lows.



CORN also searching for a short term support level. Intermediate sell signal remains in place.



Intermediate sell signal still in place for financials.



Intermediate and long term sell signals still in place for energy sector. Short term buy signal but no confirmation of a double bottom yet.



Gold continuing rally after brief rest of work off over bought condition. Expect resistance at 1300.



$2.90 support level holding for now for natural gas. Given the bad weather expected over the next the net few weeks I expect it to hold.

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