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Technical Analysis 4_15_2012

|Includes: SPDR Dow Jones Industrial Average ETF (DIA), QQQ, SPY, USO

Natural Gas (NYSEARCA:USO)

Gas is trading down for the month and is heading into new low territory for the past three years - a lower low. The contract could find support in this zone.

The weekly chart reveals a down trend and no bottom in place yet. On the daily chart you can see that the contract is making a new low for the year.

The hourly chart shows what could be an intra-day bottom.

At these levels natural gas is starting to represent good value. Trading below $2 is not sustainable over the long-term.

30yr Bond

The 30yr is trading higher this month as signs of distribution appear in the 140 - 150 zone. Caution is warranted as the market could turn lower near the 143 - 145 level. Momentum on the daily chart is to the upside and no top is in place on the hourly chart.

Dow Jones (NYSEARCA:DIA)

The Dow is lower this month, the first down month since the rally began in Q4 2011; that suggests the rally may still have legs.

The weekly chart isn't showing signs of a major sell-off in the making. On the daily chart we see a minor down trend; the index is trading down this month. Watching for signs of a turn is justified.

S&P 500 (NYSEARCA:SPY)

The index is trading to the downside this month. The market isn't in danger of a major sell-off unless it is a V-shaped top.

On the weekly chart we are seeing a throw back. The daily chart is showing a minor down trend.

Nasdaq (NASDAQ:QQQ)

The Nasdaq sky rocketed and could be facing resistance at this level.