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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 680.44+0.6%Dec 19 4:00 PM EST
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To: Johnny Canuck who wrote (53536)12/22/2020 2:09:03 AM
From: Johnny Canuck1 Recommendation

Recommended By
dealmakr

   of 69158
 
Holiday effect: traders sell positions in advance of a holdiay as to not caught off guard on news the day after the holiday, combined with fear the vaccine will not be effective due to mutation had all the major indices down as much as 1 percent before rallying slightly at the end of the day.

Despite the wide range on the day the short term trend remains sideways for now. As noted above it is too early to read much into the move. SP500 move eaggerated by the addition of TSLA and their first day of trading?



DOW still sideways short term.



DOW transports barely holding on to the first support level. Short term trend sideways.



DOW utilities broke the top of the previous sideways channel from earlier in the uear. Another down day tomorrow confirms the breaks and suggests a change in the view of the underlying economy. It could be noise from the holiday effect but wait for the confirmation and watch the trading after X-mas.



So far just some profit taking on the COMPQ. Watch the 3000 level. A confirmed break would indicate something more serious is coming.



Some profit taking on the Russell 2000. A rally back up would see a contination of the up trend. A break below support would see more selling.



Financials sideways short term still.



Energy selling off to key support level. It need to hold or selling will accelerate.Energy seeing more than modest profit taking. Watch for further weakness.



Gold still on an intermediate sell signal.



Silver trying to break out of sideways trend. Needs a confirmation day tomorrow to confirm the break out.

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