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

To: Johnny Canuck who wrote (47719)	4/12/2012 2:09:06 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69810

SP500 bounce as expected after 5 down days in a row. The fact that the index finsihed towards the bottom of the day range and the near the middle of the previous day's gap is a sign that the bounce may be weak and lead to continued selling. The fact that we are at the start of earnings season will negative any historical pattern though. The support level below at 1350, and 1325 with stronger support at the 1275 level. I expect 2 more up days before we see more selling. Same comment on the DOW. Resistance at 12,900 just above today's close. Dow transports have now entered a sideways consolidation pattern. It bounced off a strong support level yesterday. I expect it to range trade till we get more visibility on earnings. Same comment on the COMPQ. In the absence of significant earnings news the indiex will move in similar patterns. Potential sell signal in the financials negated today. Moving averages on gold converging, inidcate that it is entering a consolidation sidewys pattern. The energy sector broke a major support level today. I expect further selling in the sector. I t now find support till the shoulder season is over.