Tuesday, May 12, 2009

Today's Markets

Today we got more evidence that the rally is breaking down. Click on all images for a larger image


The SPYs are still above their upward sloping trendline.

The QQQQs fell below their upward trendline a few days ago. Yesterday they ran into upside resistance from the 10 day SMA. Today they fell from that point and is now right at the 200 day SMA

Today, the IWMs moved through two important levels of support (breaking those two trend lines) and are currently at one over (the 10 day SMA).