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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (59933)	9/10/2024 10:42:30 PM
From: Johnny Canuck	Read Replies (1) of 67417

Index Update SP500 building on the counter rally that started yesterday. Core CPI up next and then the rate cut next week so it is a wait and see for traders. DOW not so constructive as the short term downtrend continues down. DOW transport also back the short term downtrend. DOW utilities still building in interest rate increases. TTLT suggesting the interest rate might be higher than expected. USD setting a lower high on this bounce. This is not good. Expect a retest of the current low near parity. Sell signal setup on the COMPQ negated. It looks like it has set a higher low. Traders will be looking to see if it can build on this base. Semiconductors also setting a higher low. It really need to clear the 250 zone before traders get more interested in the sector. Russell 2000 still in a short term downtrend and it is has not created a higher low, so it is pretty vulnerable. Financials showing some short term weakness as a short term sell signal is setting up. Energy sector breaking the lower range of the intermediate channel from the last few months. A recession being priced in????? Gold still waiting for something. Consumer discretionary is waiting after a short term rally. Traders are not sure about consumer demand. It is too early to tell, but for the first time we are seeing some hesitation in finance and energy, which may be suggesting that traders are starting to price in a recession. The recession may only be mild and short but it still there.

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