Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.38

+0.4%

Dec 24 4:00 PM EST

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To: Johnny Canuck who wrote (59257)	5/17/2024 2:09:48 AM
From: Johnny Canuck	Read Replies (1) of 69207

No confirmation day on the SP500 as it closes down from the previous day's close. What happens tomorrow tells us if traders start to bail due to a failed breakout. DOW closed flat with yesterday, so also no confirmation day. Not a issue yet, but it shows traders are not believers of the new high. DOW transports still neutral and the EMAs converge even tighter. This means when a move is made it will gap as there is lot of pend up demand. DOW utilities also closing down from yesterday's close. Uptrend is still intact but like the other indices some profit taking would be healthy. TLT also stalling. No confirmation on the COMPQ of the new high yesterday. Russell 2000 also seeing some weakness. No confirmation on the financials also. Moving averages on energy sector have converged. Neutral reading. Whatevere move happens when it breakout will have some energy to it. No idea of direction thought there is a slight negative bias. Gold also stalling. It look like a macro issues is affecting the markets. Consumer discretionary is also neutral with converging EMAs. The key will be to see if traders want to hold over the weekend given the caution nature that the new highs are being treated with.

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