Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.38

+0.4%

Dec 24 4:00 PM EST

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dealmakr

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To: Johnny Canuck who wrote (53230)	10/8/2020 11:29:29 PM
From: Johnny Canuck	2 Recommendations of 69216

SP500 slowly moving closer and closer to the lower upper sloping trend line. Depending on where you draw your line it is still not there yet. DOW same as the SP500 but a little closer to the upper sloping lower channel line. Almost poking in. DOW transports closing right at the previous high after briefly peaking about it on low volume. Dow utilities back into the sideways channel and challenging the upper trend line. This removed the slight negative bias from a few weeks ago. Russell 2000 small cap index also back into the sideways channel negating the negative bias from a few weeks ago. Financials also back into that sideways channel. Despite the modest rally attempt energy still on sell. Gold still on an intermediate sell signal. Silver is just a mess. Intermediate sell signal. Long term still in a wide upwardly sloping channel. The market can turn on a dime and the big earnings have not come out yet but it looks like Wall Street is discounting the effects of the election, stimulus and earmings and going net neutral and in some cases positive.

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