Wednesday, October 28, 2009

Today's Market

The market is breaking down technically. Consider the following:

A.) The DIAs have broken a long-term uptrend on increasing volume.

A.) The QQQQs have broken an uptrend that lasted six months.

B.) The QQQQs have broken to the downside with longer and stronger bars on increasing volume.

A.) The IWMs formed a double top

B.) The IWMs broke through long-term support

C.) Prices broke through the lowest price between the two tops

D.) Prices are moving down with longer bards on stronger/rising volume.

Tomorrow's GDP report is that must more important now.