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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 662.63+0.4%Nov 19 4:00 PM EST
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To: Johnny Canuck who wrote (53592)1/10/2021 10:41:49 PM
From: Johnny Canuck1 Recommendation

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SP500 moving out of consolidation pattern on slight above average volume. Momentum feels muted but it is moving to the upside. Traders wants to see earnings guidance and what the first 100 days of a new government will bring in the USA.



DOW just barely confirmed the break out on Thursday on low volume. Traders are cautious.



DOW transports stopping short of a new high. New high on DOW will have to wait a few more days but the DOW transports in going in the right direction for now.



DOW utilities hovering above top of previous sideways channel and forming a new sideways channel within a new range. Stability and a sideways movement will be support of the market right now.



COMPQ breaking out of a consolidation pattern. Volume is light. Again wait for a confirmation day.



Russell 2000 seeing profit taking on light volume. Potential for another leg up.



Financials seeing profit taking on lighter volume. Potential another leg up. Interest rates need to rise at some point to get this sector running and that is bad for other parts of the market.



Energy banging up against a resistance level. For for what happens next to set the trend for the next
few weeks. Break out due to improved price or anticipation of the shoulder season and decrease demand.



Gold back into the downward, intermediate channel.



Silver back into sideway channel.

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