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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.27

0.0%

Dec 26 4:00 PM EST

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dealmakr

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To: Johnny Canuck who wrote (53295)	10/28/2020 1:34:58 AM
From: Johnny Canuck	2 Recommendations Read Replies (1) of 69260

IBM breaking to new lowest short term after breaking $115 strong support. Expect some sort to short term bounce in the next day or two before the intermediate trend start to emerge: more selling or a new sideways pattern start to form. T re-testing the sub-27 dollar level after just testing it less that 2 weeks ago. This is near the low from April/May sell at all cost panic selling. Not a good sign given the over market still off the April/May lows. Watch for a break below the low from April/May as it will have institutional traders dumping position to avoid showing losses in what has been a tough year. Essentially year end reporting on the funds and tax loss session season coming up. Selling on CVX the last 2 days indicates traders are nervous because of the heavier than usual volumes. The current level is an important one to watch. Breaking this level leads to a minor support level around $63 and the the low from April/May of $51.50. If you bough the high from a few years ago you are now more than 50% underwater.

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