Thursday, October 22, 2009
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A.) Prices opened a bit lower; they were also below all the EMAs. Prices broke through the 10 and 20 minute EMA a little before 10 AM.
B.) Prices moved along the 10 and 20 minute EMA until a little before 11:30 AM. Prices briefly fell through the 10 and 20 minute EMAs, but quickly moved higher through the 10, 20 and now 50 minute EMA.
C.) Prices moved along the EMAs, until
D.) We start to see some strong bars printed on strong volume. This indicates that prices are in full rally mode. Prices rise until about half an hour before the close and then sell off a bit. Note the volume is heavier for this part of the rally.
This was an impressive day -- especially in light of yesterday's big sell-off.
Posted by Unknown at 4:00:00 PM