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

To: Johnny Canuck who wrote (48782)	11/22/2012 12:39:45 AM
From: Johnny Canuck	1 Recommendation Read Replies (1) \| Respond to of 70348

I don't expect to see the holiday effect after Thanksgiving as the market counter really in advance of the holiday after the options related sell off. SPY losing momentum, but it looks like it has successfully filled the gap and creeped barely past it. If it can cross the 50 day SMA it may see more buying pressure. For now it is still in a intermediate down trend. Same comment on the DOW except that it has not filled the gap yet. The loss of momentum indicates a more negative sentiment on the DOW. A cross of the 50 day and 200 day SMAs would generate buying interest as they have almost converged, but for now the intermediate trend is negative. Gap filled on the DOW transports. No idea of the next move. I would normally expect the next move to be down but in this market all traditional patterns do not hold. COMPQ has completed it counter rally. I would expect it to test the recent low again. The intermediate trend is still down. Russell 200 $has re-crossed the 200 day SMA to the upside. The sentiment may be changing from the recent negative sentiment. I would wait for the cross of the 50 day SMA before going long any positions. Financials stall just as it filled the gap. I expect the next move to be down to re-test the recent near term low, but a cross of the 50 day SMA would indicate a trend change to the positive. Energy sector on the verge of signaling a trend change to the positive. It needs to cross the 50 day SMA though. This current move could fail, so do not anticipate the move. A slight negative is that the 200 day SMA is pointed sideways. This means the longer term trend is sideways and neutral. A more powerful pattern would have the 200 SMA pointing up. This might mean that any upside on the cross of the 50 day SMA would be limited. Gold seems to be waiting for some sort of event to occur as it stuck in a very tight trading range. The new high in the price of natural gas is confirmed with today's move on increased volume.