Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 681.44

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Nov 10 4:00 PM EST

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From: Johnny Canuck	7/13/2016 4:09:09 AM
	2 Recommendations Recommended By dealmakr Return to Sender Read Replies (1) of 67828

It is too early in earnings season to have a clear view of how the second half will playout. In light of this vacuum of hard facts it looks like traders are willing to err on the bull side. SP500 seeing a continuation of the rally after setting a new high 3 days ago on accelerating volume. We should see one or two more days of this current rally before seeing so profit taking. If the pullback does not break the previous high the index should move higher. A break will have traders exiting positions. A new high will result in higher highs. Keep in mind once a view of the 2H of the year emerges the market will turn on a dime. If the result is bearish look for the market to sell off hard. If bullish we will see higher highs. Same comment on DOW as SP500. We need to see heavier volume come in for the index to move higher. DOW transports breaking the trend of lower highs. Again a new high is necessary to confirm the recent new high in the DOW. DOW utilities pulling back but maintaining the intermediate and long term up trend. COMPQ continuing to move higher after breaking the trend of lower highs. Expect a little profit taking in the new day or so. Russell 2000 confirming the new high on good but not heavy volume. Look for some profit taking in the next day or two. Agriculture still on the defensive but so far holding the intermediate up trend line. Expect a short term counter rally over the next few days. CORN counter rallying from the recent new low, but the counter rally has been weak. Expect this to take some time to establish a new bottom. We may see lower lows till an intermediate sideways trend is established. Financials now on a confirmed buy signal in all time frames. It still needs to set and confirm a new high before traders get more interested. Energy trying to break out of the consolidation pattern and establish a new high. Gold pulling back as trader feel more comfortable moving back into stocks. Natural failed the first break out of $3 and just barely holding on to the $2.75 level.

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