Monday, November 16, 2009

Today's Market

A.) Prices opened with a gap higher on good volume.

B.) Prices found support along various EMAs

C.) Prices broke through support and had increasing volume on the sell-off.

D.) Prices found support at the 200 day EMA.

Ideally, we'd like to see prices hold levels into the close as a sign of strength. When we see sell-off from gains on an intra-day basis it says traders are skittish about keeping positions overnight.