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

To: Johnny Canuck who wrote (59230)	5/15/2024 3:25:55 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69306

Market sold off initial on hotter than expected PPI but quickly re-bounded after the open. Core CPI tomorrow so all bets are off and the market will pick a direct based on it. It is all about the Fed now as can be seen by all the major indices essentially moving together. Sp500 approaching previous high. As stated before a confirmed new 52 week high generates a new buy signal. Same comment on DOW as SP500. Moving averages converging on DOW transports. If they come together the sell signal becomes neutral, Again new high on DOW would be suspect till the transports also make a new high. DOW utilities waiting for CPI like the market. Uptrend is still intact though. TLT mirroring DOW utiliites but far from a 52 week high. TLT may be the purer read on bonds since utilities are rallying on the store the AI will require more power. COMPQ also nearing previous 52 week high. Russell 2000 lagging the other major indices but moving in the right direction. Financials also near 52 week high. Energy finding support at the 50 dat EMA. The direction that happens next will see the trend for the next few months. Gold upticking also to the previous 52 week high. The story that sovereign debt is an issue and central banks are buying gold due to perceived future weakness in the USD due to high debt is driving gold. Consumer discretion back to neutral.