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

To: robert b furman who wrote (47467)	2/7/2012 12:23:44 PM
From: Johnny Canuck	1 Recommendation Read Replies (1) \| Respond to of 70347

Sp500 stalling just shy of the May high. This was to be expected as we don't expect it to break through on the first try. If it stays stalled at this level too long, the index will fall under its own weight. The index needs a catalyst to move higher. With most of the big earnings out of the way, it will have to be other economic news. DOW stalling here also. The lack of volume indicates the lack of conviction in either direction, bull or bear. DOW transports still mirroring the move in the DOW. It is on the verge of breaking the trading range of the last 10 sessions. A break of this level would result in a potential sell off to the 90 level on the IYT. Similar consolidation pattern on the COMPQ, though technically it has continued its upside break out. It is on low volume and just barely setting a new high indicating a lack of momentum. Financials also in a consolidation pattern. Gold still technically in a down trend. The low volume and the consolidation patterns on the major indices indicate the market is waiting for some event and that traders do not have sense in the potential impact of that event. It may be the potential resolution of the Greek crisis that traders are waiting for.