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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 683.47

+0.6%

Nov 28 4:00 PM EST

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To: Johnny Canuck who wrote (59166)	5/9/2024 12:34:53 AM
From: Johnny Canuck	Read Replies (1) of 68426

Abbreviated Index Update tonight again. SP500 and DOW above 20 and 50 day EMA. Still waiting for new high to trigger new buy signal. DOW transports gaps back down again. Still on a sell signal on the short and intermediate time frames. DOW utilities still setting new high. Utilities up 17 percent n the year, no typical. Read being affected by concept that AI requires more power. Correlatation with bond yield may be weaker. TLT moving in opposite drirect to DOW utilities. Indicates bond traders then short term long bond rates are going up. COMPQ above 20 and 50 day EMAs. Need new 52 week high to tirgger new buy signal. Same read on Russell 2000 as DOW, SP500 and COMPQ. Same read on financials. Energy below 20 day EMA and pointing down. About to break 50 day EMA which is flat. Energy close to first major support area but has some to go. Gold short term sell. Intermediate and long term buy still.

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