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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 671.910.0%Nov 14 4:00 PM EST
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To: Johnny Canuck who wrote (52925)5/13/2020 10:42:05 PM
From: Johnny Canuck  Read Replies (1) of 67962
 
SP500 just about breeched the low bounds of the short term sideways pattern but managed to finish
up from that level.



DOW also testing lower bound of sideways range. Depending of where you draw you linke it breeched the range today or is just shy of the the lower bound.



DOW transports breeched the lower bound. Look for a confirmation day tomorrow. Transports leadng the DOW? If so a confirmation day tomorrow is important to showing the direction of the DOW.



First level of minor support at 2180 tested and held today. Watch that happens tomorrow to see if the gets worst
and trader decide not to hold over the weekend the following day.



Break of modest uptrend in Russell 2000 confirmed. Trend is now down for a while.



Break of short term sideways range on financials confirmed.



Energy broke modest up trend today. Look for confirmation does tomorrow to confirm trend change.



Gold waiting for something new the 52 week high.


Now way to sugar coat it. Dow utlities are in a down trend and that is not good since bonds are at a historical low. The longer the divergence exist the more dramatic the correction either to bonds or the utility index. So dramatic sell off in long bonds or a dramatic rally in utilities to restore historical norms.

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