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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 265.66-0.4%5:05 PM ESTNews

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To: Johnny Canuck who wrote (52736)4/17/2017 2:29:22 AM
From: Johnny Canuck1 Recommendation

Recommended By
robert b furman

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Normally I would be preparing for a trading break around this time, so there is no point returning to the market now as this time of the year is traditionally volatile.

The weakness in the Russell 2000 for the last few weeks as the major indices have tried to move higher indicates the rally was fading. The recent break down of the financials and energy indicates further weakness and a lack of rotation. For now it looks like a pullback in the market not a meltdown. Time to tighten up stop losses. An intermediate sell signal was confirmed on the DOW and SPY last week. Only the COMPQ did not confirm a sell signal so it is not a panic situation right now. If the market bounce back Monday/Tuesday the signals can be negated but it will not fix the weaken sentiment of traders right away. Only first quarter economic news and the upcoming earnings season will fix that.

Be carefully out there for the next few weeks.
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