Tuesday, July 22, 2008

Today's Markets

On the daily chart, note the following:


-- Prices are below the 200 day SMA

-- The 20, 50 and 200 day SMA are all headed lower

-- The shorter SMAs are below the longer SMAs


-- Prices have broken through the 20 day SMA on good volume with a strong bar

-- The 10 day SMA is turning around

On the daily chart, note that prices rallied from 7/15 until mid-day on the 17th. Then they moved sideways for almost three days until they broke through upside resistance today. Also note that prices gapped higher on strong volume at the end of trading today. That indicates bullish sentiment is returning to the market.