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

To: Johnny Canuck who wrote (52904)	5/7/2020 1:04:58 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68182

The SP500 and DOW still in a sideways pattern at the 50 percent re-tracement level. Big concern and divergence is the utilities index is breaking downward. Usually it is inversely correlated with the long bond rates which are record lows. Utilities should have returned to a high by now in a normal market. The fact it is breaking down indicates a fundamental weakness is viewed in this asset class by traders. In means no one trusts this asset class as it historically it should and not even the expectation of stable dividends is attracting traders. If this does not resolve soon it will mean the resolution of the holding pattern on the major indices is likely down. finviz.com