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

To: johnlw who wrote (47679)	4/4/2012 9:37:22 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69873

Closing numbers. It is good to look at a long time frame once it looks like we are getting a put back to put perspective on the issues. Note that a lot of the analyst on TV are portraying this as a much need 5 to 8 percent pullback. Enough of them are saying that I expect that the pull back will be deeper than expected or the market will rebound quickly and not look back for while. as people are still too complacent. They will try to buy the first dip and sell if it does not set a new high soon after to set a lower low. Still not a sell on the SP500. It has to close below the range of the last 3 weeks to trigger a sell signal. Support is the 1350 area. Same comment on the DOW. It just barely missed being a sell signal today. Support is just below 12,700 level. DOW transports bumping up against resistance. It is essentially tracking sideways for now. COMPQ still in a positive up trend. It could fall potentially 12 percent before it finds the first level of support. Financials still in a consolfidation pattern. It does not have to fall much before it finds support. Based on this longer term chart gold has essentially be in a 6 month consolidation pattern with a volatile and large range. If it breaks the current support level, the next of support is at 1500. I think I remember an analyst saying a lot of miners have a $1200 production cost. Margins will be under pressure if gold fall to the $1500 level. The energy sector is on a sell with not a lot of support below.