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

To: Johnny Canuck who wrote (47813)	4/24/2012 11:09:27 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69953

It is hard to string together sequential up or down days as we are in the midst of earning season, but SP500 should have one more up day before doing 3 consolidation days. I expect the 50 day SMA to be a resistance level. Similar comment on the DOW but it closed at the 50 day SMA today. A move uptomorrow would negate the sell signal. The DOW needs to clear the recent high to generate a buy signal. Similar comment on the DOW transports as the DOW. If it clears the recent high it would suggest hidden strength in the DOW components as it would be a leading index to watch. Sell confirmed on the COMPQ. I am not sure even the good earnings from aapl after the close will negate this signal due to the weighting of aapl in the index. Short term sell signal in financial negated. Intermediate trend is still up. Gold in a consolidatton pattern, but technical it has formed a series of higher lows in the last few weeks. Energy consolidating, but technically it is still on a sell signal. It will take time to negate the sell signal. Small cap index on a sell signal. Because it entered a consolidation pattern right away it would not take much to negate the sell signal. Natural gas finally bounced. Today was day 3 of the bounce. I expect it to consolidate for 3 days. Expect a counter rally starting tomorrow.