Monday, January 11, 2010

Market Mondays

A.) The really big moves for the SPYs last week came pretty quickly -- from Thursday's close to about 10AM in Monday. During this time prices moved about 2 points. In other words, the new year started with a bang.

Trend lines B and C contained the price action for most of the week. Bust notice the price action was higher.

D.) Prices used the 200 minute EMA as technical support for the entire week.

A.) Like the SPYs, the IWMs had a big move higher from Friday's close to about 10 AM on Monday.

After that move, prices were contained between two trend lines. However, unlike the SPYs these containment lines were horizontal rather than upward sloping. As a result, the IWMs were somewhat stagnant for most of the week.

D.) Prices did move higher at the end of trading on Friday, as they broke through upside resistance.