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

To: Johnny Canuck who wrote (59175)	5/10/2024 1:57:15 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68652

Abbreviated index update again tonight SP500 moving up toward 52 week high. The caution flag here is the flat 50 day EMA. That is why a new high is required for a buy signal. DOW following SP500 move. DOW transports still on a short and intermediate sell signal. Any high on the DOW would be suspect till the transports confirm with a new high and we are far from that. Utilities gapping higher to new 52 week high. This is not a good sign. A slow stable rise in long bond rate is good for the economy. A gap up would means something is really broken. Again the read on utilities might be cloud by traders expecting an increase in electricity demand due to AI data centers. TLT moving in direction of utilities but more muted. COMPQ follow SP500 and DOW but stalling a but more than those indices short term. Not a good sign for tech. Russell 2000 essentially flat and needing a new 52 week high for a buy signal. Financials also flat and need a 52 week high to create a buy signal. Moving in the direction now. Energy has short term sell signal. Just holding on to the 50 EMA which is slopping up so intermediate buy signla still holding barely. Gold has a short term neutral signal and intermediate trend still up. Consumer discretionary a mess. Short, intermediate and long term neutral. No reason to initiate new swing trade positions unless very short term is the overall read.