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

To: Johnny Canuck who wrote (52469)	6/23/2016 4:17:15 AM
From: Johnny Canuck	Read Replies (2) \| Respond to of 69307

It looks like traders are waiting for the outcome of the Brexit vote as the indices are essentially unchanged over the last few days. SP500 just waiting for now. Same comment on DOW as SP500. DOW transports still in an intermediate sideways pattern with a negative bias. COMPQ also in a sideways pattern with a negative bias. Russelll 2000 still in an intermediate up trend but the currently testing the bottom of the channel. A break of the channel would generate a sell sgnal. Agriculture has retraced 50% of the recent run up. It is at a decision point. More weakness takes it back to the break out point. Further weakness should have traders locking profits if their trailing stops have not already been triggered. CORN back to sell signal in all timeframes. The cross of the 200 day SMA indicates a long term trend change. If it can rally back above the 200 and 50 day SMA in the next few days the sell signal will be negated. Financials in an intermediate consolidation pattern. Energy in the early stages of a sideways consolidation pattern. As it energy failed to establish a new high, the longer it moves sideways that more the risk the break will be to the downside. Gold failed to hold and confirm the recent new high. So far it has not broken down but no reason to to move higher either. Utilities has confirmed a new high but has struggled over the next few weeks to advance. No clear indication of the direction of the next move. Natural gas stalling at a strong resistance level.