Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.27

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Dec 26 4:00 PM EST

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To: Johnny Canuck who wrote (59244)	5/16/2024 1:01:05 AM
From: Johnny Canuck	Read Replies (1) of 69249

We got the break out to new highs on the major indices on the weaker than expected CPI data. SP500 breaking to new 52 week high. It needs a confirmation day tomorrow and amore volume to confirm a new buy signal. Same comment on DOW. DOW transports still neutral so new high on DOW suspect for now. DOW utilities making new high so long bonds are normal going down. I still suspect read is affected by perceived increased demand for power due to AI. TLT moving in the direction of the DOW utilities but far from a 52 week high so bond traders are not looking for a steep decrease in long bond rates. COMPQ also seeing new 52 week high. Russell 2000 lagging major indices but at least approaching the 52 week high. Finance stopped short to setting a new high for now. Energy stopping short to closing below the 50 day ema and setting up a new sell signal. It is finding support here for now. Gold looking like it might test the 52 week high. Consumer discretionary neutral for now.

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