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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 680.44

+0.6%

Dec 19 4:00 PM EST

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To: Johnny Canuck who wrote (59275)	5/18/2024 7:58:10 PM
From: Johnny Canuck	Read Replies (1) of 69144

Markets closed on Monday in Canada. Monthly option expiration on Friday. it seems to have restricted the move on the SP500 to a tight range as a result. Monday in the US will be a better indication of if trader believe in the breakout on the major indices. No confirmation of the breakout to new high on SP500. No confirmation of new high on DOW also. DOW transports still neutral. New high on DOW may be suspect. DOW utilities halting massive short term and intermediate term run. TLT short term follow the utilities. Interesting the TLT intermediate term says long bond interest rates should be up no down. Watch this divergence. COMPQ also not confirming new high. Russell 2000 playing catch up to the major indices but moving in the right direction. Macro trends are driving the market as the indices do not normally move together. Financials breaking to new 52 week high. It needs a confirmation day on Monday. So far it looks like the economy is good.

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