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

To: johnlw who wrote (47484)	2/9/2012 2:10:55 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70338

SP500 still struggling to get through the May high. We still need a catalyst to move the index higher. Very few traders are buying at this level. They are waiting for a break out before piling in on the long side. DOW still has an upside bias, but it is feeling a little heavy. The volume is starting to dry up a bit and we need volume to support the move in order to confirm that traders have confidence in the move up. DOW transports rolling over, but it is still holding the support level. Today is day three of the current sell off if the index does not reverse in the next 3 days I would expect a sell signal which puts the new high in the DOW in doubt. COMPQ moving to new high on accelerating volume. Today was day three of the current up move. I expect a consolidation day tommorrow. Financials breaking the consolidation pattern to the upside, but just barely. We need to see more convict in the next three days to confirm the break out. Gold failed to follow through and break the down trend channel. Today was an inside day that indicates indecision on the part of traders on the direction of the next move. Tomorrow's trading action should tell the intemediate direction.