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

To: Johnny Canuck who wrote (52461)	6/19/2016 4:29:54 PM
From: Johnny Canuck	1 Recommendation Recommended By The Ox Read Replies (1) \| Respond to of 69271

The market still seems unsure what direction it wants to take. SP500 setup for an intermediate sell signal and then negated it, to be followed by another move down below the 50 day SMA. Wait till after the first hour of trading on Monday to look for a trend. Looking at the 50 day SMA it looks like it has started to enter a sideways consolidation phase. Longer term the market has been in a sideways pattern for months as indicated by the 200 day SMA. Same comment on DOW as SP500. DOW transports on the other hand have a confirmed sell signal in all time frames. The DOW can not make and sustain a new high without the DOW transports moving in the same direction. COMPQ is interesting as all the moving averages have started to converge. That usually means that a longer term sideways trend is being established. In the intermediate term there is an inconclusive sell signal with a negative bias. Russell 2000 moved below the previous high that moved traders to the side till a new trend emerges. No confirmed sell signal in an time frame yet but close. Agriculture forming a bull flag pattern. It looks like it want to move higher after some profit taking. CORN lagging the agriculture index but it is following the upward trend. So far it looks like it want to move higher. Watch the previous high level though. A failure to establish and confirm a new high will have traders moving to the sidelines. Financials indicating a long term trend change to the negative. Intermediate sell signal confirmed. Longer term sell signal less conclusive but a negative bias in place. Energy failed to establish a new high. It looks like it is hoovering near the high looking for direction for the next move. No clues which direction that would be in. Gold running into resistance at $1240. The high volume indicates the institutions are involved in this war of bulls and bears. Natural gas in an intermediate up trend. It looks like it will meet resistance at $2.75.