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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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To: Johnny Canuck who wrote (53277)10/22/2020 10:27:42 PM
From: Johnny Canuck2 Recommendations

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dealmakr
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INDEX UPDATE:

All the indices essentially stayed the same. No change in the trends reported previously.

Only change was the DOW utilities index that potentially broke out of the sideways channel. The volume was normal so not heavy interest from traders yet. It needs a confirmation day tomorrow.

As talked about before a rise in the DOW utilities is a good thing if it starts to narrow the gap between the yield for the sector and the 10 year and 30 year bonds with a slow and stable trend. A dramatic rise might mean their is a high level of fear in growth sectors which is bad for the overall market right now as a lot of wealth is tied to the tech stocks and traditional industrials.



Again in many ways this feels like 2000 before the massive market meltdown based on valuations and the amount of speculation happening certain stocks and sectors.
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