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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 683.21

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To: Johnny Canuck who wrote (59679)	8/13/2024 1:04:44 AM
From: Johnny Canuck	Read Replies (1) of 69370

Index Update SP500 barely cleared the 0.38 Fib level on the close. There is a slight upside bias as a result. but it is being held down due to the CPI and core PPI later in the week. There is not reason to take an position ahead of those reports. DOW not as constructive as it looks like it did not break the 0.38 Fib level. DOW transport stopping short of the 50 percent tracements level. Again transport indicating the move in the DOW is suspect. DOW utilities stalling short term but intermediate and long term trend is still up. Some doubt in the September in interest rate still. TLT being a little more positive in the short term timeframe of long bonds. USD still below the trading range of the last few months. Weaker rates being priced in still. COMPQ having a tight trading range ahead of the Fed. Technical a slight positive bias in place. Semiconductors technical building on the 0.38 Fib level. but still trying the move higher on modest momentum. Russell 2000 failing to break above 0.38 Fib ratio. It may re-touch the recent low. Financials neutralizing the intermediate sell signal. Gold attempting another brake out. Consumer discretion acting weak still, having bounced to the

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