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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 652.56

-1.5%

Nov 20 4:00 PM EST

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To: Johnny Canuck who wrote (53362)	11/10/2020 9:44:04 PM
From: Johnny Canuck	2 Recommendations Read Replies (1) of 68168

INDEX UPDATE: Different chart format today so we can see the support level based on volume - ie where the bulk of trader bought based on price. SP500 failed to confirm the break out from yesterday and it did not hold about the September high. Volume was heavy. Potential pull back to at least 3400 short term. Same comment on DOW as SP500. A little more constructive as it held above the high from September. That level may provide a first level of support. DOW transport had a follow through day today confirming a new high. If it is still leading the DOW any pullback on the DOW will see a new high in the next few weeks. DOW utilities confirming break out of the sideways trend. Still overhead resistance from the previous high for the year. COMPQ following up with the weakness of yesterday. No a break down of the trend yet just short term weakness. Still in a wide intermediate sideways trend. Russell 2000 confirming break out of sideways range. Financials confirming the break out of the sideways trend also. Energy confirming break of intermediate down trend. Gold not confirming potential sell signal. Silver still in sideways trend.

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