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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.10

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Jan 23 4:00 PM EST

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To: Johnny Canuck who wrote (59377)	6/23/2024 2:40:50 PM
From: Johnny Canuck	Read Replies (1) of 69967

Quick index update. I should be back in July my work schedule permitting. Caution is advised. As the market looks extended and not all sectors are advancing indicating too much concentration in a handful of sectors and some traders standing aside as the better part of valour. DOW still lagging SP500 and COMPQ. DOW transports in a strong downtrend, having tested the 200 day SMA this week. It is again above the 200 day SMA but just barely. DOW theory suggest weakness in transports mean goods are not being moved at the same level as previously, so demand is weak in travel and shipment of goods. It is usually a red flag for the economy despite all the interest in tech. DOW utilities is a mess right now. It rallied on the potential demand from AI data centers. It is seeing profit taking now so it is hard to tell the direction of long bonds from this sector. TLT indicates short term bond traders are finally buying in to the concept of lower rates later in the year if not in the next few months. Russell 2000 indicate a muted taste for risk among investors for now as it consolidates sideways one level below the year's high. Not a selloff but not strong demand either. Financials are going sideways in the intermediate term. It is not the indication of an expanding economy. Banks do better in a rising interest rate environment. Energy in an intermediate downtrend. It bounced off the 200 day SMA recently. It needs to hold above that level or more severe selling will occur. Again not a sign of growing economies worldwide. Copper breaking the intermediate uptrend and now in an intermediate downtrend. The fear of restricted demand being balanced by the realization demand will be muted as the world's central bank ease in advance of a recession, though it may be mild and short?

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