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

To: Johnny Canuck who wrote (59667)	8/11/2024 4:41:38 AM
From: Johnny Canuck	1 Recommendation Recommended By Return to Sender Read Replies (1) \| Respond to of 69348

SP500 had a very volatile week, being driven Monday by the fallout of the Japanese carry trade being unwound and worst than expected employment growth. This was negated later in the week due to the better than expected unemployment claims. SP500 negated a long term sell signal setup and has done a 0.38 done followed by a 0.5 re-tracement. The compressed timeframe makes the move suspect, but for now wait for a break above the 0.5 retracement level to suggest a test of the recent high. DOW has negated the long term sell signal and is now on the verge of a setup to negate the intermediate sell signal. DOW transports set a 9 month low during the week and is on a intermediate and long term sell signals. DOW utilities showing a little weakness after rising the last few week in anticipation of a long bond rate cut. The weakness shows the belief is not as strong. Same read on TLT as DOW utilities. Some weakness in the USD as it traded into a lower range now seen since earlier in the year. COMPQ still on an intermediate sell signal. It is setting up to negate the long term sell signal. Russell 2000 avoided a long term sell signal but is still on an intermediate sell signal. The market is in a risk off mood for now. Financial also avoided a long term sell signal setup but is on an intermediate sell signal. Consumer discretionary avoiding a long term sell signal but still on an intermediate sell signal. Semiconductors still on an intermediate and long term sell signal. The is enough weakness in the consumer discretionary and financial sector to indicate some weakness in the business environment and economy. A bit a a mixed bag. It looks like the SP500 is currently the strongest so it may lead the market up or down. Watch the key levels.