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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 670.97

+0.1%

Nov 7 4:00 PM EST

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To: Johnny Canuck who wrote (56184)	12/23/2022 2:16:09 AM
From: Johnny Canuck	Read Replies (1) of 67797

GDP growth coming in hotter than expected spooked the market as it means interest rate increase may continue at a hotter pace than expected. SP500 broke the support level at 3840. Next support levels below at at 3750 and 3600. We expected the rally from last week would only be a bear market rally unless it broke above 4080 on this run. Todays action generated a counter trend impulse and that will confirm a new downtrend. Same comment on DOW as SP500. DOW transports about to confirm a new downtrend if it closes down tomorrow. DOW utilities staling so at least bond traders think interest rate on long bonds will be stable for a while. COMPQ back in a short term downtrend. Russell 2000 index back in a short term downtrend. Financials stalling after short term downtrend. Energy in a short term consolidation band. Traders unsure what is next. Gold barely holding on the short term uptrend and potential transitioning to sideways trend. Silver in intermediate uptrend. There is the potential to reach previous high. Consumer discretion continuing to move to new low. Not a good sign for the economy. USD in an intermedate downtrend still and trasnstioning into a consolidation pattern. It potentially means money flowing into the stock market is stalling for now.

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