Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (47320)	12/20/2011 6:11:10 AM
From: Johnny Canuck	Respond to of 67917

The gap filled at 1220 on the SP500. It then attempted to rally for three days with the close pretty much towards the low of the days even though it did form a series of weak higher highs. It then failed as expected. The gap down pretty much shifts the probabilities to a test of 1150 within the next 9 to 12 days of trading without some sort of significant outside catalyst. So condition on the DOW though it could potential counter rally without hitting the next low support level at 11,200 as it has not filled the gap at 11,700 yet. If it bounce tomorrow if will, but I expect that is highly unlikely as today was day 1 of the current new down trend. Dow transports confirming the move on the DOW. DOW continues to be the strongest index and I expect it to rally first if there is a rally. Curious that old economy stock would lead the rally. COMPQ potential anothe 5 percent downside till it reaches the next support level. Given the wide trading range it looks very weak. The downward guidance coming out of INTC and other tech companies will weigh on the sector. Christmas sales do not look as strong as most expected and the 1H 2012 is currently weak based on guidance so far. Financial on a sell signal but interesting they are forming a symmetry triangle. No idea which way it breaks though. Volatility on gold very high. Essentially gold is on day 3 of a counter rally from the sell off. I expect a sell off over the next two days with a possible test of the 1480 level. Problem with inserting chart tonight.