Wednesday, December 17, 2008

Today's Market

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Let's look at the daily chart to see what the technicals tell us:

-- The longer term trends are still bearish: the 50 and 200 day SMAs are both heading lower

-- Prices are still in a downward sloping channel

BUT

-- Prices are above the 10, 20 and 50 day SMA

-- The 10 day SMA is moving higher

-- The 10 day SMA is above the 20 day SMA

This is a chart in transition; it is a mix of bullish and bearish indicators.