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

To: Johnny Canuck who wrote (60276)	10/4/2024 12:52:24 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68152

Index Update SP500 still waiting for employment data tomorrow. While the mood is slightly negative but no short term sell signal setup yet as it tests the 20 day EMA. Given the the reaction will be event driven it is not a good bet to call the direction after the news. Same read on DOW as SP500. DOW transports not as construtiive for the DOW as the selloff continues and the first support level is violated. DOW utilities setting another 52 week high. It looks like traders are pricing in lower long bond rates. Divergence with the DOW utilities continues to grow. A intermediate sell signal steup is in place now on the index. Another down day confirms it. Short term bond traders on long bonds believe the long bonds have been overbought short term. USD finally above the first resistance level set by the previous 2 dead cat bounces. Let's see if the USD can build on this. Most of this is a flight to safety given the events in the Middle East. COMPQ failed to test the 52 week high and now testing the support level just below the current trading range. Again it is lagging the DOW and SP500. Traders are still sour on tech. Semiconductors still weaker than the COMPQ. Russell 2000 now below the first support level. Still not intermediate sell signal yet, but the sector looks weak for now. Financials seeing some weakness as it breaks just below the consolidation pattern. Now a massive sell signal yet, but some weakness being shown. It is important to start to watch this sector more closely for indication of a potential structural issues in the economy. Energy on day 4 of the current move due to the Middle East potentially becoming a war zone. Current testing the next major resistance level. I would not be surprised to see some profit taking in the next few days. Gold still in uptrend but waiting short term as expected. This is healthy. Consumer discretionary on day 4 of current sell off. Expect a counter rally if the employment numbers are good. About the test the first support level. xxxxxxxxxx