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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 681.92

-0.7%

Dec 31 4:00 PM EST

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To: Johnny Canuck who wrote (59324)	5/23/2024 2:09:24 AM
From: Johnny Canuck	Read Replies (1) of 69345

Major indices were stalled in the early morning till Fed notes indicate interest rates increases are still on the agenda as inflation remains persistent. We then saw sell off. It was not aggressive on a percentage basis. NVDA beat and guides above consensus next Q. We will see if it is enough tomorrow morning. SP500 flat. DOW seeing continued weakness, Not a good sign as it broke the first major support zone, DOW transports finally finding some support as it bounced at a key support zone. It needs to hold though. DOW utilities flat for now. TLT flat but the intermediate trend is still down, so higher long bond rates. COMPQ crawling upward but the momentum is weak. We will see NVDA ignites a rally. Russell 2000 failed to set a new high and is not modestly selling off. This is not a good sign for an appetite for risk by traders. Financials also seeing some profit taking. Previous high holding for now. Watch this level closely. Energy breaking a support zone. Watch for a confirmation day to signal more selling. Gold also seeing profit taking as a result of the Fed note. Holding previous high barely for now. Consumer discretionary with a negative short term bias. For now still in a consolidation pattern in all timeframes.

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