Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 652.56

-1.5%

4:00 PM EST

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To: Johnny Canuck who wrote (53364)	11/11/2020 10:56:04 PM
From: Johnny Canuck	Read Replies (1) of 68156

SP500 trying to advance on decreasing volume. Watch the previous high from September. A failure to break that will lead to more profit taking. A break would lead to increase volume if it is confirmed and trader get concerned about being left behind. DOW struggling to stay above the high from February. A break would lead to selling to lock in profits. Volume is light so far. Despite a vaccine there is no timeframe for deployment and for the economy to recover.. It may be months or years. Traders hate uncertainty. No reason to rally further without clarity. DOW transports failed to confirm the new high of yesterday. No defined down trend yet but also no conviction that the there is more side to come. Watch this index as it has an impact on the DOW which was weak today also. DOW utilities follow up with confirmed break out. The follow though is modest and weak so far. So far it is not a dominant trend so interest rates are expected to be stable if not down a little based on the trading. COMPQ stuck in intermediate sideways trend. A bit of profit taking on Russell 200 small cap index on heavy but not extreme volume. No break in the new trend. Financials seeing some profit taking. Watch what happens next. A move down would indicate underlying issues with the economy. Energy seeing some profit taking on heavy volume. Watch what happens next. Gold still on selling signal. Silver still on intermediate sideways trend. So we expected a high level of volatility this week. The over signal is back to neutral. Isolated stocks are up significant but as the reality of the slow roll out of a vaccine and the slow recovery of the economy the market may reverse down short term.

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