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

To: Johnny Canuck who wrote (52455)	6/17/2016 12:32:57 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69255

Cold read so take any comments with a grain of salt. SP500 would have had traders moving to the sidelines when it failed to sustain the recent high and then crossed back below the previous high. SP500 is barely stopping short of triggering an intermediate sell signal. Notice that the intermediate 50 SMA is entering a consolidation pattern. Even though the over all intermediate trend is up early indications are we will go sideways as we enter the summer doldrum. Note that the foward guidance of companies reporting so far is flat to down so there is nothing to drive the market higher over the next few months. DOW tested the previous high but did not break it making the new high on the SP500 suspect. As the DOW testing the old high the DOW transports made of low high indicate there was not support of the rally in the DOW. So far the recent test of old highs and new highs look like they were build on crumbling clay. COMPQ did not set a lower high but it did not challenge the previous high either. Traders cautious of tech which is not a good sign as there is where the growth has been. Keep mind it is hard to find value there also. Russell 2000 set a new high recently but like the SP500 failed to maintain it. It has cross back below the previous high but has stopped short of an intermediate sell signal. Agriculture has had a decent run the last few weeks. So far the pullback looks like normal profit taking. Watch the volume though for accelerate selling which would indicate the run is over. CORN lagging the agriculture index and not able to see a new high indicating some potential weakness in the fundamentals. Financials on a sell in all time frames. A long term fundamental change in the sector is being indicated. The market does not move higher without financials. Energy tested the previous high but did not break through. So far just stopping short of a intermediate sell signal. Interesting the long term 200 SMA is indicating a sideways pattern so at best this sector is not even in a new long term up trend. Gold failed to break the recent previous high. So far not breaking down but not showing strong upward momentum either. Natural gas indicating a long term trend change to the upside.