Tuesday, February 3, 2009

Today's Markets


On the daily chart, simply notice that prices are still within their trend channel.






On the 5-minute chart, notice the following:

-- Prices bottomed on Monday, then formed an upward sloping trend channel

-- Prices broke through the downward sloping trend line that started last Wednesday

-- Prices broke out of the trend channel today and rallied to the 38.2% Fibonacci level from the sell-off.