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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.27

0.0%

Dec 26 4:00 PM EST

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To: Johnny Canuck who wrote (59637)	8/7/2024 1:47:45 AM
From: Johnny Canuck	Read Replies (1) of 69261

Index Update Indices re-bound to regain part of the 3 percent sell off from Monday. The bounce was expected but now traders are looking for if se set a lower high and then a re-test of the current low before the next intermediate direction is set. SP500 negated the long term sell signal based on the re-bound of sell off yesterday. The key is whether the re-bound take the index to to 50 percent level, the Fib level at 0.618 or higher. We want to see accelerating volume and subsequent up days to fill the gap levels. DOW also negated the long term sell signal. Again we want to see accelerating volume of this move up will be suspect. DOW transports also bounced but it is still on a sell signal in all timeframes. If the DOW reach the old high again it will be suspect. DOW utilities seeing some profit taking. It is combination of people exiting the safety trade with the rally today and some indecision on long bond rates? Trend is still up in the long term. Intermediate term it is flat. Short term long bond traders definitely taking short term profits. USD breaking the range of the last few months. It looks like a weaker dollar is being priced in due to lower rates. COMPQ did not confirm the long term sell signal but it did not negative it either. Still with a negative bias. Semiconductor long term sell signal confirmed yesterday. Today's rally does not negate it. Be cautious.

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