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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 687.86

-0.4%

Dec 29 4:00 PM EST

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To: Johnny Canuck who wrote (52467)	6/22/2016 4:26:30 AM
From: Johnny Canuck	Read Replies (1) of 69306

SP500 still in a waiting pattern. A new high is necessary to get traders interested on the long side. Same comment on DOW as SP500. DOW transport also in a sideways pattern with a negative bias. COMPQ also in a sideways consoldation pattern. Russell 2000 also waiting. Again a new high is necessary to get traders off the sidelines. Agriculture index needs to find support of 22, 50% re-tracement level of recent run, or the index will start to break down. CORN setting up a potential intermediate sell signal. Volume is heavy suggesting institutions are selling. Financials still on a short and intermediate sell signal. Long term sell signal negated. Sideways intermediate pattern in place. Energy also consolidating short term, Gold unable to hold the recent high and pulling back on what looks like profit taking only so far. Natural gas approaching a strong resistance level at $2.80.

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