Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 670.21

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To: Johnny Canuck who wrote (51277)	1/29/2015 11:26:31 PM
From: Johnny Canuck	Read Replies (1) of 67706

SP500 counter rallying a day sooner than expect but this is earnings season. SP500 still on an intermediate sell signal. Wide sideways consolidation pattern still in place. Same comment on the DOW. Intermediate sell signal still in place on the DOW transports. Downward channel forming on the transports indicate a negative bias. Intermediate sideways channel still firmly in place on COMPQ. Current on the defense as intermediate sell signal is in place still. Intermediate sell signal on the Russell 2000 negated. Potential head and shoulders patterns forming in the Russell 2000 which is negative. Note a head and shoulder is only confirmed and break of the neckline on the right shoulder. Till then it is just a cautionary pattern. Do not take the signal serious till the break on the right shoulder is confirmed. A break of the right shoulder would sign a potential 5% decline in the index and a change in the long term trend to negative from neutral. Money still leaving the agriculture sector as it sets a new low. CORN still on an intermediate sell signal. Agrium consolidating new the recent high but not break down. Just working through an overbought condition. Financial counter rallying right on schedule. It looks weak though. Energy looks to the test the recent low. Trader want to see it test the low and then rally significantly to get them off the sideline on this sector. The sequence of lower highs on the recent bounce for the lows is a negative. Gold pulling back now that the shock of the Swiss unpegging there currency is over. Now testing the 200 day SMA. A break of this level with spook a lot of traders out as it would indicate a change in the long term trend back to neutral with a negative bias. Negative shift on natural gas as it broke the support level and has formed a lower low. It need to rally strong above the previous low support level in the next 2 days or lower lows are ahead.

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