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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (59955)	9/12/2024 3:01:56 AM
From: Johnny Canuck	Read Replies (1) of 69169

Index Update Something changed the mood of the market at 2 PM EST time. The buying start to accelerate on the major indices. The key is whether the buying continues tomorrow. We saw money shift into tech from the defensive stocks. It looks like JPM issued a bullish call. Mega Bullish. - YouTube SP500 clears the 50 and 20 day MAs setting up a buy signal setup. It needs a confirmation day tomorrow. Note the huge acceleration in volume indicating the institutions participated. The DOW was already bullish in the intermediate term. It did a short term buy signal setup though. Not good as the DOW transports went in the other direction intra-day but essentially close where it opened indicating indecision. DOW utilities essentially flat on the day but the intermediate term still says there are rate cuts coming. TLT short term long bond traders saying the same thing as the DOW utilities. USD at a critical point. If it can break the current level if it clears the current key resistance level. COMPQ saw money rotate into it. It has set a higher low locally for the last few months. It is doing a short term buy signal setup, but is current still below the 50 day MA. It is still too early to see if this move is for real as we still need to get options expiration out of the way. Keep in mind if this move is confirmed tomorrow as lot of trader may be caught offside in terms of the max pain point so Friday may be wild. Russell 2000 essentially went no where despite the volatility intra-day. Just stopped short of a short term see signal setup on financials. The weakness as I mentioned before may be an indication weakness in the economy is being priced in. Energy still in a sell off with not support yet. Not the indication of a growing economy worldwide. Gold still waiting. Consumer discretionary broke the consolidation range to the upside. Some traders think the economy will be expanding again. M2 money supply has been increasing even as inflation has come down. The Fed has been priming the pump even as it held rates steady. Is all the money going into stock short term in anticipation of the rate cut???? M2 Money Supply Growth vs. Inflation - Updated Chart \| Longtermtrends The next 3 trading days are important. Tomorrow and Friday may be affected by the weekly options which may constrain the movement in the indices or exaggerate them if too many trader were caught off side of the max pain points. It may take till Monday to really see the mood of traders. xxxxxxxxxxxxxxxxxxx

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