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

To: Johnny Canuck who wrote (47772)	4/20/2012 6:47:24 AM
From: Johnny Canuck	Respond to of 69822

SP500 still sitting on the edge of a sell signal. The longer it trades in this tight range the more chance the resolution with be to the downside. A clear break above the recent high would be needed to trigger a buy signal. DOW essentially stall inng at the 13,000 break out level. It has essentially re-traced half the recent sell off and looks to be potentially ready to move down again. Keep in mind the intermediate up trend is still intact. You don't want to be going heavy in any one direction just yet. DOW transports still in a consolidation pattern. COMPQ playing with short term sell signal, but not quite triggering it. Intermediate up trend still intact. FInancials playing with a short term sell signal. Intermediate up trend intact. Gold technically still on a sell signal, but transitioning into a sideways consolidation pattern. Oil still on a sell signal. It is currently tracking sideways as if it is waiting for something. If it stays in this tight range for an extended period of time the sell signal will be negated. It is still about 6 to 8 weeks till the shoulder season is over. Small cap index is technically on a sell signal as it broke the uptrend line. Interesting the current bounce also negates a double top pattern. There is a little more strength in the small caps than would be indicated at first glance. It is looking like the small caps are entering a consolidation pattern with strong support at this level. Note the converging moving averages. It is another 7% down to the next support level though so have tight stops. Gas still in a major down trend though it is technical short term oversold. A few analysis have mentioned a $1 target for gas to the downside. Now that it is out there it should be self fulfilling. It will probably turn a little short of that target or only reach it intra-day for a few moments.