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

To: Johnny Canuck who wrote (48726)	11/13/2012 12:50:58 AM
From: Johnny Canuck	1 Recommendation Read Replies (1) \| Respond to of 69925

SP500 closed essentially at the close on Friday, so the dead cat bounce technically did not have a follow through day today. As a result the market is weaker than most people think, Without an external event I expect the SP500 to break the 200 day SMA over the next few weeks. Same comment on the DOW but the DOW is already below the 200 SMA and the bounce did not have a follow through day. I expect the DOW to continue lower. The DOW transports showing relative strength as opposed to the other indices, but it still has a low of intermediate negative sentiment to overcome. Again no follow through on the COMPQ. Financials technically has a follow through day but just barely as the close today was just barely above the close on Friday. Same weak follow through on the energy index. Follow through on the counter rally for gold.