Monday, February 15, 2010

Market Mondays

A.) Prices rose to the 61.8% Fibonacci level, found upside resistance and

B.) Retreated to the 50% Fibonacci line

A.) Diagonal line A is still holding as upside support, although prices did move briefly through the trend line.

Lines B and C are the most important support lines on the chart right now.

D.) The EMA picture is bearish. The shorter EMAs are below the longer EMAs, all the EMAs (save the 10 day EMA which has currently moved higher) are moving lower and prices are below the EMAs. However, a move through the 10 day EMA would be a positive development.