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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 (52936)5/21/2020 2:20:00 PM
From: Johnny Canuck3 Recommendations

Recommended By
dealmakr
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The Ox

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This level for the SP500 is an important one. A lot of traders entered at this level.
Any kind of significant pull back is going to have them bailing to preserve cash
and any kind of rally will put a significant floor underneath the rally.



On the other hand there is still a lot of traders underwater on the DOW with resistance at
26,000 and 27,500. It will be interesting to see if a lot of traders just bail as they get even
as opposed to holding on to see if the rally has momentum.



COMPQ continues to run with serious support at 1950 and 1850. It has a long way to fall
if trader get nervous but a lot of bargain hunters will be looking at those levels.



No conviction on the small cap index.



Right now the problem still is the rally is really narrowly based and the COMPQ
can not continue to rally without basic industry, transport and financial participanting.

Small cap buying indicates the appetite for risk and it usually sees interest when the
more established indices do not show value anymore.

Bottom line be careful other there. I know some analysts are calling for a
big rally and a new bull market. These charts are indicating some cracks
in that theory.
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