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

To: Johnny Canuck who wrote (53304)	10/29/2020 1:57:39 AM
From: Johnny Canuck	3 Recommendations Recommended By dealmakr E_K_S The Ox Read Replies (1) \| Respond to of 69261

INDEX UPDATE: SP500 now on a short term sell signal. Key support around. 3220. A break of that level would trigger more selling as institutional stop losses would kick in to protect gains for the year. Volume spiking today so this is getting the attention of the institutions already. Same comment on DOW. Key support level is slightly above 26,000. DOW transport below a key support level. A confirmation day tomorrow indicates potentially more selling on hte DOW as the transports lead the DOW up. Again volume spike means the institutions are paying attention. DOW utilities selling off but still in the sideways channel. At least the interest rate environment is stable. COMPQ also selling off. 2600 is the key support level to watch. Russell 2000 selling off on heavy volume. On the plus side it is still in the sideways channel of the last few months. No wholesale breakdown of the markey yet. When trader abandon small cap the psychology has changed to defensive position instead of growth. Financial still in sideways channel with normal volume. No panic yet in terms of structural issues with the economy that are not already known. Energy still on a sell. A bounce here would indicate value investor are looking at the sector. Testing the previous low from April/May would indicate traders are avoiding the sector. A break of that low would mean the sector has more selling to go. Gold breaking short term sideways pattern. Modest support at 1740. Next support 1680. Strong support not till 1600. Silver mirroring gold. Modest support at $20. Next strong support not till $16.50. Lot of air underneath.