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

To: Johnny Canuck who wrote (59580)	8/4/2024 2:20:14 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69928

Index Update SP500 confirmed an intermediate sell signal on Friday. The longer term MA indicates the uptrend is still intact though. Traders should be negative and investor can still be positive for nowl. DOW broke the first support level. There is no intermediate sell signal yet but the moving averages are start to go sideways in all timeframes so the sentiment is starting going neutral though the modest uptrends remain intact for now. DOW transports never set a new high indicating the DOW's recent high was suspect. The transports close below a key support zone indicating a confirmation day on new week will suggest more selling to come DOW utilities setting a new high. Lower long bond rates are coming. As a move to safety in a volatile market. Short term long bond traders beating huge a rate cut is coming with gap up on Friday due to weak employment numbers. Lower rates being priced into the USD also. A gap down from the 1.04 level indicates so risk is being priced in. The lack of a stable USD is a bad sign. It may also be in part to traders exiting as the election heats up. COMPQ on short and intermediate sell signal. It stopped just short of a long term sell signal setup. Watch this index it lead the markets down. Semiconductors on a short and intermediate sell signal. It is just waiting for a down day on Monday to confirm a long term sell signal. Russell 2000 gave up the first major support level in 2 sessions. It closes just below the first major support level. A confirmation day on Monday confirms more selling to come. This sector went risk off in a hurry. It is to be expects as more the component companies are currently now making money normally. FInancials showing some weakness as it testing the previous high. A break of that level means the economy is likely weakening. Markets spooked by the weak employment numbers that indicate the Fed may have waited too long to ease rates. A 50 basis point cut is now being talked about. Keep in mind the Fed was waiting for weaker employment numbers to give it confirmation for a rate cut. This may all be cover for normal profit taking in a market that has come a long way without a 2 percent or more correction for many months. The Fed does not often engineer a soft landing but the degree to which all central banks not manage their economies means that is still not out of the question.