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

To: Johnny Canuck who wrote (51232)	1/21/2015 3:09:56 AM
From: Johnny Canuck	1 Recommendation Recommended By sense Read Replies (1) \| Respond to of 67867

SP500 not showing much momentum on the counter rally. I expect one or two more day of the rally with the rally stopping at the 50 day SMA and then another move down. Note that the movement of stocks is going to be driven be earnings as we get deep into earnings season so expect the unexpected for the next few weeks. Also not the intermediate channel that has formed since the beginning of December that indicates indecision on the part of traders. We are entering a period where traders are looking for clues from the forward guidance of companies and no one is sure which is the direction of the market for the next 9 months. Same comment on the DOW as the SP500. Expect one more up day in the counter rally in the DOW transports. Unlike the SP500 and DOW the DOW transports is in an intermediate down channel. COMPQ should rally one more day. Note that a sideways intermediate channel is in place. Russell 2000 stalled short term. It appears to be waiting for some event. No idea what at this point. Again in a health market the small cap have to participate for the market to move higher in any sustained fashion. Agriculture index still setting lower lows. Stay away. CORN counter rallying after three down days in a row. One more day expected in the counter rally before moving down again. Intermediate sell signal in place. Weak counter rally on the financials. It is not a good sign that the counter rally stalled at the first strong resistance level. The financial should continue to work lower in the next few days. Energy so far holding the low set in December. A recent article noted that a lot of short term loans are re-evaluated in April, so I do not expect an strong move other than those dictated by strong moves in price of gas or oil till then. Most analyst are now not expecting an material rally in the price of gas till Q3 as many companies are hedged. Gold now above the 200 day SMA. Long term trend change confirmed. I am surprised at the strength of the rally in gold so far without a significant re-tracement. It indicates the rally have strength to it. The new lower trading range is now confirmed. Natural gas looking to test the recent low. The price is not below the $3.00 psychological price level.