Monday, March 9, 2009
On the daily chart notice we're in a very bearish position. Prices are moving lower, prices are below all the SMAs, the shorter SMAs are below the longer SMAs and all the SMAs are moving lower. While the chart today printed a hammer, we printed a similar bar a littel over a week ago and it didn't do much. However, today we saw lower volume which could be encouraging.
For the second day in a row prices opened higher but were unable to maintain their upward momentum. However, prices today closed above the lows of Friday. In addition there were two bars moving higher at the end of trading with strong volume surges. However, I wouldn't get too excited about that just yet.