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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 660.19-0.8%4:00 PM EST
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To: Johnny Canuck who wrote (53384)11/17/2020 5:08:10 AM
From: Johnny Canuck2 Recommendations  Read Replies (1) of 68092
 
SP500 finally closing at a new high. Watch to see if a confirmation day happens tomorrow and there is an acceleration of volume. Despite the rally due to two potential vaccines expect lots of volatility for the next few weeks and even months. There is a reason vaccines typically take years to validate. This could all be false hope if side effects are discovered. The economy could also still see issu if the government arms can not pass a stimulus package to limit the damage short term.



Really sloppy but technically a confirmation day today on the DOW. Still would like to see additional volume tomorow and additional points on the index.



DOW transports setting new high confirming the high on the DOW. The volume was heavier than normal but nothing extraordinary. It needs a confirmation day tomorrow with heavier volume.



DOW utilities starting to show a positive bias by moving up out of the consolidation pattern it entered just after breaking out of the intermediate sideways channel.



COMPQ still struggling within an intermediate sideways trend.



Russell 2000 continuing the new uptrend. Only caution is the lower volume today.



Financials also building on the break out of the sideways range.



Energy also building on the break of the down trend.



Gold still sideways.



Sliver also sideways.

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