Monday, February 1, 2010

Market Mondays

A.) Price have broken through a lot of support on strong volume. They are currently resting on the lowest level of support from prices established in early November. If this level does not hold the next level of technical support from a previously established price is 105.5 -- and that is not a very strong level.

A.) The 10, 20 and 50 day EMAs are all moving lower. The 10 has crossed below the 20 and 50 and the 20 is about to cross below the 50. These are also bearish developments.

A.) Momentum has left the market as has

B.) Volume.

The market is in a full-blown correction.