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

To: Johnny Canuck who wrote (47833)	4/26/2012 10:33:53 PM
From: Johnny Canuck	Respond to of 69216

Follow through day after the reaction to the good aapl earnings indicate some momentum traders are following the move. The lack of volume is a concern here. We are flat right now after the sell signal was negated yesterday. I would only go long on a break of the recent high. It looks like most of the move came later in the day today. It would appear traders are still cautious and were waiting for more confirmation that it would not reverse before taking a position. If we don't get a sell off tomorrow it would indicate they are comfortable holding over the weekend. Anything can happen at the open on a Monday morning especially now that options expiration is out of the way and earnings season is still underway. Most of the big earnings are out of the way, but given the nervous state of traders anything can happen on weak forward guidance even from smaller companies. Same comment on the DOW, but the down is within spitting distance of the recent high. Dow transport essentially entering a consolidation pattern. I would expect to trade sideways in a narrow range. Financials in not man's land. Wait for a break of the recent highs before going long or wait for a break below the support at $15 to go short. Gold still technically a sell, but slowing transitioning into a consolidation pattern. Energy technically still on a sell. It is breaking up out of a mini consolidation pattern, but the move is not enough to trigger a buy signal. Not sure what to make of the signal on the Russell 2000 index. The move up today was not enough to negate the sell signal. The ultra low volume today is a real concern. On the plus side it confirmed the break out out the mini consolidation pattern. Huge volume today on natural gas, but it finished essentially at the bottom of the day range and did not finish higher than the close of the previous day. The move of the last few days appears to be losing momentum.