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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 687.01-0.1%Dec 30 4:00 PM EST
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To: Johnny Canuck who wrote (59657)8/9/2024 1:54:14 AM
From: Johnny Canuck1 Recommendation  Read Replies (1) of 69339
 
Index Update

SP500 bounced up the Fib level of 38 percent of the sell off, sold off again and then retested the fib level again, The market is essentially directionless unless it breaks the Fib level or the recent low. Unless you are daytrading there is nothing to do.



DOW in same situation as the SP500.



DOW transports did a 50 percent retracement, but is still weaker than the DOW as it complete a long term sell signal and that has not been negated yet.



DOW utilities says the market is a little less sure about a rate cut soon.



An even more dramatic indication traders are unsure of a rate cut.



USD still below the lower range of the sideways trend of the last few months. It indicates a weakened demand for the USD denominated products.



Despite the bounce the COMPQ was in an intermediate downtrend and it still is in that downtrend.



Russell 2000 bounce was weaker than the other indices. No appetite for risk right now.



Financial avoided a long term sell signal and just negated an intermediate sell signal.



Gold avoided an intermediate sell signal and is going sideways in the short term timeframe.



Consumer discretionary bounce a little weaker than the major indices.



For now it looks like traders are looking for direction and have no conviction to get net long or short in the short term. No need to add to new positions and respect your stop loss on the downside till more market direction is seen.
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