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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 670.31-1.1%Nov 6 4:00 PM EST
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To: Johnny Canuck who wrote (60312)10/8/2024 2:56:52 AM
From: Johnny Canuck1 Recommendation

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SP500 seeing some profit taking but finding support at the lower end of the range of the consolidation pattern near the high. This weak is about the upcoming consumer price numbers coming up.



DOW following SP500 read.



DOW transports still lagging the DOW.



DOW utilities on the verge of signaling a short term reversal signal. It stopped just at the 20 day EMA. A confirmed break would signal a short term sell signal. This would indicate that the expectation of interest rates was too aggressive. Employment numbers of Friday indicate employment might not need the help of lower interest rates soon.



TLT on an intermediate sell signal. This indicate long bond interest rates could rise further short term.



USD breaking the consolidation pattern near the 52 week lows. This should be a short term safety trade.



Watch COMPQ to see if it breaks the support level that it just cleared.



Semiconductors still weaker relative to the COMPQ. It did not clear the next key resistance level yet.



Russell 2000 failed first test of 52 week high. Currently in no man's land between the 52 week high and the first major support level.



Financials seeing some profit taking but so far it is still within the range of the consolidation pattern near te 52 week high.



Energy rallying into a key resistance zone. I expect it to see some profit taking on the first test unless the conflict in the middle east expands.



Gold waiting for news the determine the next direction.



Consumer discretionary testing the first major support zone.



It is all about waiting for consumer price numbers and little bit of earnings for now.

As mentioned before some traders will be taking profits ahead of the election. It is too close to call and frankly a Trump administration has a lot of world leaders on edge due to the perception of less stability not more due to the lack of his world view on economics and relations.Traders want a known outcome either way. They will deal with whatever is the new normal.
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