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

To: Johnny Canuck who wrote (47456)	2/2/2012 1:54:25 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70309

SP500 had a wide trading range to the upside today, but finished toward the bottom of the trading range. It also did not clear the recent high from last week. This indicates that traders are selling into strength and there is still a lack of conviction on an upside catalyst. Same comment on the DOW as the SP500. Up trend still intact on DOW transports, but they are starting to look heavy. They need to catch up on the upside soon to keep the up trend intact. COMPQ more constructive and is the leading index now. This is constructive as we expect to see a change in leadership to keep any rally going as the DOW stocks that lead the rally are way overbought now. Finances still in a consolidation pattern. Gold has broken the current down trend channel. It has a long ways to go before it establishes a new trading level though. It is current in a consolidation pattern. It could test the break out point of the down trend channel or trade up for here with resistance at the 1480, 1550 and 1600 level.