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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 684.83+0.6%Dec 22 4:00 PM EST
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To: Johnny Canuck who wrote (53193)9/23/2020 7:56:15 PM
From: Johnny Canuck1 Recommendation

Recommended By
kidl

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Deadcat bounce yesterday as evidenced by the light volume and the accelerated selling today. Volume was light so traders are conflcted. Without some good news tomorrow or Friday I expect the market to sell off more. SP500 closed just above support at 3220. Selling accelerates and more volume comes in below that level.



Save comment on DOW as SP500. Next support level 26100.



DOW transports broke down below the short term sideways channel. Next support is at 190 and then 180.
Another down day tomorrow will confirm the break and lead to further weaknes.



DOW utilities confirming the weakness noted in the intermediate term. Traders are getting really nervous if they are selling utilities when the Fed has signaled not rate change for the forseeable future.



Resistant now establshed at 2720 on the COMPQ. Why it positive that today's range did not break down below the low of a few days ago this index is weak. It need to move up significantly over the next few days to continue the upward pattern. Not sure this is an over strategy to lock in profiles before earnings season by the big institutional traders? I will if I was sitting on profits.



Confirmed sell signal on the small cap Russell 2000. Traders going into risk off mode.



Confirmed sell signal on financials.



Energy still on sell. Only positive is volume is low.



Confirmed sell signal on gold. 1700, 1650, 1580 next support levels.



Looking for a counter rally in silver in the next day or so but there is a lot of air below this level.

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