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

To: Johnny Canuck who wrote (48226)	7/6/2012 3:16:59 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70666

Market reacted negative to a coordinated effort by the central banks around the world to add more stimulus to the market. While they are sending the message that the central banks will do what it takes to keep the world economies growing. This action is being perceived more as a negative than a positive because of the fact that it was required at all indicated more weakness that traders expected. SP500 resting as expected after being up 4 days in a row. The fact that was a inside day indicates more positive strength than one would expect given the move by the central banks. Earnings and forward guidance will be what really tells the tale. It is less positive for the DOW as it essentially stalled after the initial gap up. It struggled to gain ground but only etched out a small gain or the rest of the week so far. Dow transports trying to the top of the channel. COMPQ looking tired. It needs a few consolidation days before it can finds it next direction. Financial sector counter rallied today after 4 up days as expected. It could fill the gap before confirming a new direction. The accelerated volume today is a concern. Gold re-testing the break out point of the down trend line. It needs to hold this level and move higher to confirm a change of trend. Energy has had a nice run, but it has been on declining volume. I would expect it to at least re-test the 50 day SMA. No idea if it holds at this point. Russell 2000 stall short o the recent high. Given the steep run up the next few days will tell if a new high is established or it fall back to the test the break out point or the recent low.