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

To: Johnny Canuck who wrote (48263)	7/10/2012 4:30:47 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70668

SP500 held above the down trend line and had a very tight range today around Friday's range. All indices are indicating that traders are waiting for the fist of the coporate earnings to come in to give the market direction. AA is the first of the large cyclical companies to report after the close. AMD also pre-announced bad earnings after the close indicating weak computer demand. The key will be whether that is a corporate or consumer issue. Trader expected weaker demand in Europe and Asia. The key will be whether that weakness was more than expected. Less constructive as the DOW added to its losses and entended the down trend. On the positive side it held the 50 day SMA. DOW transports stalled at the top of the sideways channel. It is rolling over back to the bottom of the channel. COMPQ held above the down trend line. AMD pre-announcement may gap the index back below the down trend line tomorrow as collateral damage to the techn sector. FInancial held above the 50 day SMA in a positive sign. Watch the reaction to AA earning tomorrow in this sector. Gold confirming the continuation of the down trend. Energy confirming its down trend. It looks like it will test the major support leve 8% below today's level. Russell 2000 looks like it test the next support level below. Natural gas struggling to get through the 200 SMA.