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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 665.67-0.9%Nov 17 4:00 PM EST
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To: Johnny Canuck who wrote (53240)10/12/2020 11:07:23 PM
From: Johnny Canuck3 Recommendations

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dealmakr
kidl
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SP500 making back into the upward sloping, intermediate channel. Currently rally is a little extended as today was the fourth up day in a roll. Cautious traders will wait for a new high to be set and confirmed.



Same comment on DOW as SP500 except there is one resistance level to conquer before trying for a new high.



DOW transports confirming new high from Friday but the volume is low and trading closed towards the lower part of the range indicating traders are nervous and not sure of this move.



Big positive if the DOW utilities can breach the top and the sideways channel



COMPQ also back into the upper sloping, intermediate channel.



Russell 2000 needs to break the upper bound of the sideways channel and confirm the break to be net positive.



Finances back into the sideways channel.



Energy still on a sell signal.



Gold on an intermediate sell signal.



Silver signal is a mess. No longer an intermediate sell but not a buy either.



It looks like traders are anticipating decent earnings for this quarter but it will be the forward guidance that matters more. Traders may be hoping that whoever wins the elections will have to inject cash into the economy. Long term not a strategy for an economic recovery.
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