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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 672.07

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To: Johnny Canuck who wrote (60291)	10/6/2024 3:27:28 PM
From: Johnny Canuck	Read Replies (1) of 67886

Commodity Update Natural gas seeing some short term profit taking after an extended rally. It stopped short of a significant resistance level. Only the 52 week high exists about this level. The rally being driven by the Middle East conflict and the impending arrival of heating season. Note the despite the short term strong rally the intermediate term momentum is only modestly positive. The rally may be a short term effect only given slowing world economies. Copper seeing a similar pattern to natural gas. Timber sectors setting a 52 week high and now seeing some profit taking. You normally see this during a building boom, but the real estate market indicates a different background. Platinum also following the trend of the other commodities. Energy breaking the intermediate downtrend and starting a significant rally. Currently on day 6 of the short term rally so expect some profit taking. Gold seeing some consolidation after another impulse up. A stair step pattern is healthy as it gives a chance for a group of new believers of higher prices to develop. $3000 has been thrown around as a long term target. Watch to see that emerges. Silver finally made a 52 week high. Still playing catch up with gold.

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