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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.


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.


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.


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