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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 681.44+1.6%Nov 10 4:00 PM EST
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To: Johnny Canuck who wrote (52934)5/21/2020 3:00:09 AM
From: Johnny Canuck1 Recommendation

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Talking heads promoting the fact that the SP500 is the highest it has been since March.

The real story is how the SP500 has struggled to get above the top of the sideways trading range
of the last few weeks. The current move is also on declining volume after the initial gap earlier in
the week due to early positive vaccine test results, which are now being questioned. It closed above
the tops of the sideways range today but just barely. Not what you expect from a move with lots
of momentum behind it. Traders are cautious.



DOW still not above the top of the sideways trading range. So far the damage from last week
has only been negated.



DOW transports still in sideways trading range.



DOW utilities still in an intermediate down trend. The divergence between the utilites and long bond rates still in place. The longer it goes on the strong the corrective move whatever it is.



COMPQ keeps going and going. Though this move the last few days are on declining volume. Time for some
short term profit taking? Intemediate up trend still intact. It will be interesting to see what happens when and if it reaches the previous high. Is the COMPQ a lead indicator for the rest of the indices or is something else going on?



Similar move in semiconductor sector ETF and COMPQ.



Russell 2000 small cap index bare repairing the damage from last week and technically back to a modest
intermediate up trend.



Financial back to sideways trading zone.



Energy back to a sideways pattern.



Gold confirmed a new high today but it laboured to do so. Not the break out you want to see that has momentum.

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