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

To: Johnny Canuck who wrote (59162)	5/8/2024 4:58:43 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 67710

SP500 now confirmed to be above the 20 and 50 day EMAs. 50 day EMA is flat though so wait for the new 52 week high to be confirmed to trigger a new buy signal. Previous 52 week high not that far away. Same comment on DOW as SP500. DOW transports sill on short and intermediate sell signal. It is on the verge of crossing above 20 day EMA. DOW utilities building on 52 week highs with higher high. Energy demand rally might be distorting long bond read but it is current indicating lower long bond rates being priced in. Utilities read being confirmed by TLT. COMPQ above 20 and 50 day EMAs. Again flat to EMAs say wait for new high to trigger an new buy signal. Same read on Russell 2000 as COMPQ and other major indices. The fact tehy are all moving together mean macro issues are driving the market. Finanicals also following the major indices. Energy on short term sell signal. Intermediates signal neutral. Long term signal still slightly bullish. Gold neutral short term. Bullish interemdiate and long term. Consumer discretionary a mess. Intermediate sell signal and short and long term bullish. Bulk and major earnings out of the way except for NVDA. Most people are on Fed watch for PPI and CPI next week now. Keep in mind stable rates are good for the market right now and again after the first rate cut a recession happend 6 to 9 months later as a rate cut means something is wrong with the economy.