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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 579.54+0.6%Oct 11 4:00 PM EDT
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To: Johnny Canuck who wrote (59909)9/9/2024 5:10:21 AM
From: Johnny Canuck1 Recommendation

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Index update

Market sold off on weak employment growth numbers.

SP500 selling off on above normal volume. Today is the 4 th day down on the impulse. Expect an attempted rebound, counter rally on Monday or Tuesday.



DOW also sold off but because of the Wednesday counter rally the DOW is only on day 2 of the downward impluse.



DOW transports also on day 2 of the current impulse down. There are at least 1 to 2 more down day possible before a counter rally.



DOW utilities seeing some profit taking. Too soon to say if doubt is creeping on on the size of the cut.



TLT showing an above average volatile day with more range than normal but it finished where it closed so sellers balanced buyers. Traders are unsure of what is next.



USD needs to set a local higher high to negate the deadcat bounce.



COMPQ on day 1 of the current down impulse within a short term downtrend. Tech remains on the defensive.



Semiconductors follow the COMPQ trend but watch the 200 level. A break of the level triggers a key stop loss for a lot of traders.



Russell 2000 on day 3 on the downward impulse. Look for the counter rally on Monday or Tuesday.



Financials seeing some profit taking. Only day 2 of the downward impulse. There may be some more weakness early next week. Too early to tell but weakness in the economy starting to be priced in.



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