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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 675.24

-1.2%

Nov 4 4:00 PM EST

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To: Johnny Canuck who wrote (52974)	6/19/2020 3:24:39 AM
From: Johnny Canuck	5 Recommendations Read Replies (1) of 67640

Signal is now neutral as the indices enter a start of sideways patterns. It needed to clear the high from last week for a continuation of the buy signal. Options are to sell to lock in gains, sell portion or hold with very tight stop losses. Pick your strategy. SP500 needs news to move it out of this sideways pattern. Overhead resistance at the high from last week. Only positive is the pullback has been on decreasing volume indicating a lot of traders still hold hope of moving higher. Same comment on DOW as SP500 DOW transports mirroring sideways move in DOW. Utilities also going sideways. Divergence between utilties and long bond rates still exists.Looks like a hefty differential is being priced in. Traders are not sure rates will remain low 9 months out. COMPQ alos in a sideways pattern but the tight pattern indicates traders are waiting for some event. Not sure what that would be. Russell 2000 also entering sideways pattern. Financial also moving sideways. Sideways for energy also. And gold sideways also. All the indices going sideways at the same time is not normal. In a healthy market there is rotation. A herd mentality like this affecting all indices is not a healthy market. Only think I can think of is big institutional traders are waiting for early number from the end of the 2nd quarter of earnings. JBL, a contract manufacturer report tomorrow. They will give guidance around a broad range of tech related products - medical, IT and consumer. finance.yahoo.com

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