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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 683.38+0.1%Nov 12 4:00 PM EST
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To: Johnny Canuck who wrote (60296)10/6/2024 3:53:16 PM
From: Johnny Canuck1 Recommendation

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SP500 making another attempt at the recent 52 week high on the good employment report numbers.The volume was average. Look to see if the volume increases on Monday. As we enter earnings season and the consumer price numbers soon, look for some volatility.



DOW seeing a similar pattern as SP500 but it managed to close at a 52 week high. Watch on Monday to see if it can build on the rally and volume accelerates.



DOW transports again lagging the DOW but at least moving in the right direction short term.



DOW utilities still indicating lower rates but seeing some profit taking.



Divergence with TLT growing on DOW utilities. Short term long bond traders believe the long bonds have been over bought and the interest rate increase will be more modest.



COMPQ still playing catch up with other major indices but it is through the last major resistance level before the 52 week high. It still has ways to go to reach the 52 week high though.



Semiconductors following COMPQ but it still needs to clear a significant resistance zone.



Russell 2000 recently testing the 52 week high and failed. It looks to be rallying again, but most traders will stay away now till a new 52 week is confirmed.



Financials barely setting a 52 week high on closing. Watch to see if it confirms on Monday. So far it looks like the economy is still healthy.



Consumers discretionary seeing some recent profit taking but it looks like it has another impulse forming to challenge the recent 52 week high.

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