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

To: Johnny Canuck who wrote (48164)	6/27/2012 4:42:33 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69749

Fairly weak bounce on the SP500. Despite the sell off over the last few days the SP500 is not oversold. SP500 is sitting right on to of a support level based o volume by price. A break of this level will see accelerated selling by the large number of traders that bought at this level. The short term direction still remains down. SP500 is not below the 200 day SMA and that was confirmed by today's action. Same comment on the DOW. There is really no support level till 1200 and there is strong resistance at 12800. The index looks to essentially entering a period where it will trade a sideways range. DOW transports essentially in a sideways channel. It is important for the COMPQ to hold this level or the selling will accelerate. Important support level being tested on the financials. Th indexx is neither oversold or overbought. The short direction based on the averages is down. Weak bounce on gold, It technically has tested the lows again, but it did not bounce with much conviction. Gold looks like traders are waiting for something given the tight range. I have no idea what event they are waiting for. Energy re-testing the recent low. So far it looks like the test was successful. There was not much of a bounce though and on average volume. Most traders will wait for earnings to come out now if the low continues to hold. There is definitely not reason to go higher till there is more visibility based on earnings. Tight range in trading on the Russell 2000 small cap index. Trader were essentially undecided today. No idea what the next trend is given the trading. There is a slight positive bias to natural gas, but it needs to clear the $2.85 to $3.00 level before traders start to take aggressive positions on the long side. The vix is no really telling us much of anything as it is not at an extreme level.