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

To: Johnny Canuck who wrote (59147)	5/7/2024 3:01:55 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 67640

Only an abreviated index update tonight. SP500, DOW and COMPQ need another update to confirm the intermediate trend change but the short term trend change confirmed today Short term traders will play the long side. Intermediate and long term traders need a now 52 week high to get them net long. DOW transports still on shakey ground. They are still below the 20 and 50 day EMAs. So a new high on the DOW would still be suspect. DOW utilities build on uptrend and setting a new high. Lower long bond rates definitely being priced in. TLT confirming DOW utilities move. Russell 2000 confirmed break to the upside of 50 day EMA. Trading is not above the 20 and 50 day EMAs. 50 day EMA is flat though so trendless for now. Again a new high is need to confirm a new buy signal on Russell 2000. Financials need another update to confirm break to upside of 20 and 50 day EMA. Energy holding on to the 50 and 120 day EMA up trends. Only negative i the 20 day EMA which has a negative bias. So far just health profit taking. Gold like energy seeing short term negative bias but another up day will negative that. 50 and 102 day EMA still says up trend intact. Consumer discretionaries stall at 50 day EMA. Not change of intermediate trend yet.