Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 691.72

-0.1%

Jan 16 4:00 PM EST

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To: Johnny Canuck who wrote (59530)	7/31/2024 4:00:52 AM
From: Johnny Canuck	Read Replies (1) of 69822

It is still about the earnings this week as MSFT missing and it looks like AMD beat and guided inline for next quarter. Fed meeting starts Wednesday, so look for volatility. SP500 stopped right at 50 day EMA. Potential sell signal setup avoided, but watch this level closely as a break and confirmation means more downside. DOW still looks like it can test the recent 52 week high. DOW transport still in an short term. intermediate term and long term sideways pattern. It still has not set a new high so the DOW recent high is still suspect. DOW utilities still going sideways short term just below the 52 week high. It still looks like traders are still waiting for the rate cut and are unsure of front running the cut. TLT also in a waiting mode. USD trading a narrow range for now. It is stable and that is what traders want to see. COMPQ on intermediate sell signal and for now avoiding a long term sell signal. For now you should have been stopped out and waiting for the next new trend to start. Semiconductors on an intermediate sell signal and have down a long terms sell signal setup. Another down day tomorrow confirms the long term sell signal setup. AI was supposed to be the savior. MSFT suggest weakess in demand for AI services. AMD suggest AI server chip demand is still going strong. Who to believe? META tomorrow will add more details. Russell 2000 struggle to get through the recent new high. For now trader are not sure a new high is justified but not willing sell everything quite just yet. The appetite for risk is still alive. Financials testing previous 52 week high. A new high would indicate a growing economy. Energy sideways in all timeframes for now. Wait for a new direction to emerge. Gold still in a modest uptrend but it looks like it is waiting short term for something to get it a new direction. Consumer discretionary cratering in the last week. Not the sign of an economy with health demand. Definitely one indicator for the need to cut rates.

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