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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 670.97

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Nov 7 4:00 PM EST

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To: Johnny Canuck who wrote (52942)	5/27/2020 3:51:54 AM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 67797

Using the volume by price charts to show the support/resistance levesl for this post. It is harder to see the day ranges on these charts though. SP500 struggling to get out the sideways range of the last few weeks but it closed just above it. If it has a follow through day tomorrow and the price move up above today's range it will be a buy signal. The concern is the declining volume over the last few weeks. DOW also barely eking out a close above the range. A follow through day might get more traders on the long side but resistance is at 25,500. Again declining volume is an issue. DOW transports confirming the move out of the sideways range in the DOW. Utility index has broken the intermediate down trend but it is still locked in a sideways pattern. No indication that the utility index will return to the inverse correlation to interest rates soon. The divergence still indicates an underlying flaw in the markets. COMPQ keeping on keeping on for a potential run at the old high. It looks like the COMPQ was the indicator for the other indices if the confirm a buy signal tomorrow. Again note the declining volume on the recent run up though indicating traders are getting nervous. Potential buy signals in the other indices a rotation of money into undervalued sectors. Russell 2000 still stuck in the sideways range. Financials still in the sideways range and resistance just above at 26. Energy still trapped in a sideways range. Gold struggle to establish a new high and hold it. No technical damage just no momentum to set and keep a new high.

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