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

To: Johnny Canuck who wrote (59340)	5/24/2024 12:50:56 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69790

NVDA earning beat suppressed by employment data that was inline. It seems traders are pricing in higher for longer or even higher interest rates. SP500 stopping just short of the previous 52 week high. A break of that level has the SP500 testing 5100 and 4950. Another 5 to 10 percent pull back would be healthy after the next high. Accelerating volume means trader are taking this seriously. DOW confirming break of 52 week high today and testing next strong support level at 39000. Next level below is 37,500. Again accelerating volume indicates some institutions involved. DOW and DOW transport divergence resolving in the direction of the DOW transports. DOW transports breaking a strong and key support level. A confirmation day tomorrow means a confirmed break with a lot of air underneath Expect more selling if that happens and the DOW it follow it down. DOW utilities seeing some need profit taking. So far only modest profit taking as the AI energy hype resolves itself. Low DOW utilities normally mean higher long bond rates being priced in. Spike in volume means something being priced in by institutions on TLT. Intermediate trend changed from higher long bond rates neutral. Lower bond rates priced in short term but now neutral also. COMPQ just touching the previous 52 week high despite NVDA beat and good guidance. Watch for a break of the previous 52 week to indicate more selling. Russell 2000 never set a new 52 week high and is now selling off. Watch 190 as there is air below that level. Financials breaking previous 52 week high. A 5 percent pull back is possible without any change to a negative bias. Energy breaking a support level. Watch to see if 85 and then 80 is broken. Watch for bounce at one of those levels. Even at 80 it would still only be a modest pullback. Gold seeing a pullback. Watch the 2100 level. A break would see gold going back to 1840. Consumer discretionary EMAs all converging and having a negative bias. Not good for consumer demand and it makes up 70 percent of the economy.