The market's consolidated this morning and then rose in the afternoon. In addition, we now have a lower trend line for a possible move upward.
On the 5-day chart, notice the trend break that occurred with the upside move after today's triangle consolidation. For this to be a clear trend break, we'll have to have a clear upside move tomorrow.
However, on the daily chart the bar ran into clear upside resistance at the 20 day SMA.
On the QQQQs, we have a much wilder ride. Notice that after the three-day consolidation, we had another consolidation pattern -- the reverse head and shoulders. Then trading broke out with a strong move to the upside. My guess is this is Google related.
Finally, on the QQQQs daily chart we see a possible break of the flag consolidation pattern. Also notice that prices bounced off the 10 day SMA.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.