Technical analysis for shorts & longs Message Board

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To: Johnny Canuck who wrote (47848)	5/1/2012 2:23:43 AM
From: Johnny Canuck	of 49818

Day 2 of the counter rally after 4 consecutive up days. I would expect one more down day till there is a counter rally to the upside again. If the day day tomorrow breaks the uptrend line a new sell signal will be triggered after a confirmation day. Same comment on the DOW, but it would take a low more to break the lower up trend line. DOW transports continue to be in a consolidation pattern. Interesting there is a symmetric triangle forming short term that indicates that traders are not sure which direction it will break in. COMPQ failed to test the recent highs. Essentially there is a lower high forming. Finances on the verge of entering a consolidation pattern. Gold entering a consolidation pattern. Energy sector remains on a sell signal. Russelll small cap index whipsawed back to a sell signal. The volatility indicates a lack of faith in small cap stocks right now. Natural gas crossing the down sloping 50 day SMA. A trend change might be underway, but this level will provide strong resistance based on volume by price. A lot of people will be getting even at this price and will be looking to get out. I expect a strong counter rally to this mini-rally.