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

To: Johnny Canuck who wrote (57540)	11/19/2023 4:42:06 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69595

SP500 broke 200 SMA recently, pulled back on profit taking and has not rallied in to a resistance zone where it is stalling. Next week will either see a break out to the previous high or an aggressive sell off. Friday was options expiration so it is hard to tell what the mood of traders rally is till after the first hour of trading on Monday. Similar comment on DOW as SP500. The stair step pattern at least indicates an orderly move up even as it has comes a long way in a short period of time. DOW transport broke the intermediate downtrend recently and has been moving up with the DOW. It has lagged so watch it carefully to see if it it breaks downward to indicate weakness in the DOW is to come. Dow utilities has been in an intermediate uptrend recently but it is starting stall. TLT, long bond mirror DOW utilities but as we have seen recent it is prone to short term divergence to the DOW utilities. The over all trend of TLT suggest trader expect modestly lower rates. COMPQ at 52 high zone but it has yet to breakout. Look to COMPQ to lead the market if it can break to a new high and confirm. As I said before the market is a critical phase. It is looking for leadership to carry it higher. Semiconductors did set a new high and confirm. It is essentially leading the market. Watch it to see if break back below the previous high to signal the market is struggling. Russell 2000 stock confirming the break of the intermediate downtrend. It is stalling though as it looks for direction. Too soon to say if it rallies further or sells off hard. Financials in short term uptrend. Currently rallying into a strong resistance zone.