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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (51260)	1/28/2015 9:29:29 PM
From: Johnny Canuck	Read Replies (3) of 67570

Bad reaction to the Fed signalling that an interest rate hike is still in the cards for later in the year. SP500 now oversold and on the fourth down day in a row. A break of the this strong support level would signal more weakness to come. SP500 still on a intermediate sell signal. Heavy and accelerating volume indicate more traders are getting nervous at as the support level gets tested. Similar comment on the DOW as it test the bottom of the sideways channel. DOW transports showing a little more relative strength to the DOW, but the same conditions are in place. A break of the support level would bring in more sellers leading to lower lows. COMPQ also showing a little more relative strength to the SP500 and DOW though it too is setting up to potentially test the bottom of the channel. Russell 2000 also testing a major support level and at the same time fail to test a new high on this counter rally. Lower lows on the agriculture index as discussed. CORN following the trend of the agriculture index as it is on a short, intermediate and long term sell signal though not selling off as hard as DBA. As a counter point fertilizer companies about the test new highs. Financials breaking support on heavy volume. I expect more technical selling in the next few days unless we get an immediate counter rally above support in the next 2 days. That will take dramatic economic or earnings news in the sector. Energy setting a lower high which is negative and now back on an short, intermediate and long term sell signal. The bottom from December has to hold or we will see more technical selling a lower low get set. That kind of damage takes months to repair. Gold stalling as it consolidates short term. Traders look unsure given the economic guidance from the Fed and the threat of currency volatility. No idea if they want to be in gold for safety but fearing the Fed over doing it and plunging the economy back into recession. Again natural gas holding on the lower set in early January. Short term cold weather keeping demand high and stable. Shoulder season is still a few months off.

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