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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Return to Sender who wrote (59885)	9/6/2024 3:59:45 AM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 67867

Index update It is all about the employment report. Yesterday's numbers shows a decrease in open job positions. A lower than expected employment number would indicate a weakening of the economy. A 50 point cut is being talked about but that level of cut would indicate panic on the part of the Fed. The flip side is a 025 point cut may disappoint the market also. The Fed is in damned if they do and damn if they do not position. SP500 in day three of the downward impulse and just touching the 50 day EMA. If the employment report is positive there should be a bounce. DOW following the SP500 but a little bit more positive as the DOW is still slightly above the 50 day SMA. DOW transport still signaling potential weakness in the DOW ahead as it set a lower high. DOW utilities seeing some profit taking but the intermediate uptrend still intact. Short term long traders still thing the rate cut is intact as it sets a 52 week high. USD looking to test the 52 week low. Parity on the USD with other currencies is not a go thing as it indicates a lack of confidence in the US economy and USD denominated assets. COMPQ confirmed the intermediate sell signal yesterday. On the plus side it tried to bounce today. No new trend being indicated quite just yet. Russell 2000 also stopping short of the 50 day SMA and avoiding an intermediate sell signal for now. Financials seeing some profit taking ahead of employment numbers but the uptrend remains intact. Energy test the bottom of the volatile sideway channel of the last few months. Gold still waiting for a catalyst near the 52 week high. Traders are not sure of the next direction. On the plus side gold is a store of wealth if we see deflation. A weakening economy would affect the USD so gold would be the best alternative. On the downside a soft landing negates the thesis for gold as a stable economy removes the need for a safe haven. Consumer discretionaries waiting for new to decide the next short term move. The key this month is wait for the employment report, then the core CPI and finally the Fed rate cut decision. In the absence of earnings news it is all about the macro economic numbers. The market is still seeing pockets of strength as noted by beat down TSLA rallying on autonomous driving being potentially approved in China and maybe Europe. It is very company specific. The key whether the gain can be held on too and built on. A quick sell off indicate traders are focus on short term gains and have not appetite to hold for longer period of time. Note the the AI story is currently no so rosy, so traders are waiting for the next them to emerge. xxxxxx

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