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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 670.92+0.1%Nov 7 4:00 PM EST
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To: Johnny Canuck who wrote (52991)7/6/2020 7:24:10 PM
From: Johnny Canuck2 Recommendations

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The Ox

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Lots of shake rattle and roll as the indices oscillate in a sideways pattern, but no beef as the upside or downside momentum and volume is lacking.

SPY going sideways. Lack of increase volume on the up days and down days indicates traders have no conviction.



Same comment on the DOW.



DOW transports also going sideways.



Still seeing the divergence between the long bond and utilities.



On the plus side the COMPQ broke to a new high and confirmed. The lack of volume is a surprise though
and indicates traders are not willing to go all in on the long side.



Financials also going sideways. I do not like the way it settled at the level just slightly above the top of the previous sideways channel. Definitely one of the weaker sectors.





Energy going sideways also.



Gold also inching out a new high on low volume. No true believers out there.

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