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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.31

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Dec 26 4:00 PM EST

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The Ox

To: Johnny Canuck who wrote (52463)	6/21/2016 1:47:49 AM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 69287

Options expiration out of the way for the month and a relief rally due to a study suggesting Brexit vote is leaning towards staying. Despite the rally the SP500 still reflects a lack of a defined direction as it remains below the previous high of a few months ago and the recent high and the intermediate averages are moving sideways. Same comment on DOW as SP500. DOW transports still on a negative bias. COMPQ also in a sideways pattern with a slight negative bias. Russell 2000 still in an intermediate uptrend after some profit taking. It needs to set a new high to get more traders interested on the long side. Positive trend remains intact on the agriculture index but some weakness is starting to emerge as it pulls back to fill gaps. So far the index is only seeing light volume indicating the profit taking is not across the board. Similar profit taking on CORN. Note again CORN did not make a new high despite the agriculture index making a new high. Financials in a sideways pattern with a slight negative bias. Energy also in a sideways pattern for now. Gold failing to hold the recent high but not breaking down yet. Natural gas trying to clear a resistance level on declining volume indicating so caution from traders.

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