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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: Johnny Canuck who wrote (59835)	8/30/2024 2:27:21 AM
From: Johnny Canuck	Read Replies (1) of 68217

Lost the post on the index update so I will just summarize. DOW and Financial breaking to new high. This is not the sign of a economy in trouble. Lagging DOW transports is an issue still on the DOW 52 week high. COMPQ and semiconductors looking to start a short term downtrend, but there was broad based buying in tech throughout the day despite the weak COMPQ and SMH. Bargain hunters start in nibble. SP500 essentially waiting after the intermediate term extended rally. Some short term weakness expected. Short term long bond traders doing some profit taking. Interest rate cut priced in already? I don't expect much movement ahead of the long weekend. This is the last days of summer. Trading by the institutions does not historically find a direction right after the Labor Day weekend so expect it to take a few days before the market has a defined direction in the absence of significant news. Core CPE number tomorrow. It will not move the market unless it is a significant miss.

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