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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 660.19

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4:00 PM EST

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To: Johnny Canuck who wrote (59861)	9/4/2024 12:37:04 AM
From: Johnny Canuck	Read Replies (1) of 68092

Brutal day in the market. All the major indices sold off together with only brief pauses through the day. There were virtual no re-bound. Usually there is a pause as institutional traders come back from the Hamptons, but it looks like they decided to sell and sell heavily. So the move was telegraphed by the max pain number from last week for the expiration this week. The sell may be due to nervousness over the impending rate cut and the employment numbers on Friday, but it may also be because the end of the quarter is soon and instiutional trader want to lock in gains why most of the indices are still near 52 week highs. Note the October is tax loss selling for a lot of the instiutional investor also getting out while the prices is high might be a strategic move. 3 percent move on the COMPX is not that common so there was some panic selling there. SP500 setting up for short term sell signal as it cross the 20 day MA today. DOW also seeing some selling but not as aggressively as the SP500 and COMPQ. It is stopping short of short term sell signal setup. DOW transports essentially closing where it open. Though it still has not achieve a 52 week high, still making the move in the DOW suspect. The DOW is safe for not but watch for it is break if the selling mood continues. DOW transports showing a little weakness the by trend of potentially lower long bond rates remains intact. Short term long bond traders reinforcing this view. USD should some short term weakness but the bounce remains intact. Whether it is dead cat bounce still remains to be seen. COMPQ selling off hard. It did a short term and intermediate sell signal setup in the move today, so the range was wide on a relative basis.

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