Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Johnny Canuck who wrote (59368)	5/28/2024 3:56:32 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69919

Taking my trading break a little late this year. I am usually away a good part of May. I will be back in a while but I will talk about key levels to watch over the next few weeks. I am flat my trading positions, but still long my investing positions. My elections years will finish the year positive with a rally into the early part of the next year. SP500 still hold above the previous high at 5250 but showing some weakness. The next support level is at 4950. A break of that level would indicate more selling from the institutions with a possible target to 4500. Set you stop loss accordingly and tighten stop loss on individual stock below 4950. The DOW has already broken some support level indicates something is wrong with the old economy stocks. Despite tech being where the most growth is the old economy still is a good measure for a good part of the economy. Now below the recently set new high and at the previous high at 39,000. Below that key supports are 38000 and then 35,500. DOW transports have already broken short, intermediate and long term averages. It would suggest the DOW will be lower soon also. Be careful as a structure flaw in the economy is being indicated here. Seeing some profit taking on the DOW utilities after an extended run.This is just heath profit taking for now. It does indicate some doubt about lower long bond rate. TLT still indicate higher long bond rates in the intermediate term. Higher for longer or highe and then longer. USD still within an acceptable range, not enough to cause currency translation problems for US companies yet. COMPQ holding above the previous highs. It is still the strong index bet it has also not rallied significant on what were essentially a decent earning season. There is a caution among traders whether it is sustainable. Some weakness amongst small caps indicating caution for risk by traders. Financial now below the previous high but still above the 50, 100 and 150 day EMAs. Below the 20 day EMA so short term negative. Consumer discretionary still neutral. Most of the ley earnings are over. NVDA did not rally the market but at least kept the market stable near all time highs except for the DOW and DOW transports. The DOW and DOW transports might be the canary in the coal mine. You have to more good so the transportation index show a weak movement of goods. The commodity rally seems drive by a lack of supply or a perceived lack of supply for now that is not supported by the fundamentals. Are traders seeing a future trend economist do not???? It is essentially all about the Fed and inflation till the next earning season. I will post if my new feed indicate anything significant otherwise only llok at the markets at the end of the week for the most part to not get blindsided.