Thursday, April 30, 2009
Today's Markets
Click for a larger image.
There is very important news today: the QQQQs move over and closed above the 200 day SMA. The 200 day SMA is usually considered the dividing line between bull and bear markets so today's action is incredibly important technical news.
Also notice on the QQQQs the chart is very bullish -- all the SMAs are moving higher, the shorter SMAs are above the longer SMAs and prices are above all the SMAs. The only drawback to this chart is the declining volume on the rally -- but that is not fatal.
The main issue with the SPYs is their inability to close over the trend line. Aside from that this is a bullish chart as well.
On the IWMs, prices are above the horizontal trend line but below the upward sloping trend line. However, notice the volume spike from yesterday indicating more participation.