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

To: Johnny Canuck who wrote (48290)	7/15/2012 3:31:46 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70770

Traders took the news of a slow down in growth in China as good news as the slow down was not worst. The markets rallied as a result. \the fact the markets held the gains going into the weekend is a positive as it indicates traders were willing to hols position over the weekend. The key will be if the indices hold these gains after the first hour of trading on Monday. SP500 needs to clear 1385 to negate the down trend. It still needs to set a new high before initiating a more serious net long position. The average volume on the move up is a concern. I would wait for a new high before initiating a position on the DOW. Below average volume is a real concern. DOW transports still trapped a sideways pattern. COMPQ still in a down trend despite the bounce on Friday. The below average volume is a real concern. Financials may gain some interest if it follow through on Monday due to a break of the down trend line. This is one of the few indices that have accelerated volume. Despite the gap up gold is still in a down trend. The below average volume is a real concern here. Energy still in a down trend. The decelerating volume the last few session make any move suspect. Russell 2000 still in a mild down trend. The average volume does not give me confidence in this move. Spinning top on natural gas. It means traders can't decide which direction to to go in.