Thursday, February 11, 2010

Today's Market

With the QQQQs and the IWMs, note the 10 day EMA previously provided upside resistance for prices (A). However, today's price action led to prices moving through the 10 day EMA (B). But, there is still plenty of upside resistance at the 20 and 50 day EMA. Also note the 10 day EMA has moved higher on both charts (although minimally).

However, with the SPYs, note that prices have moved through the 10 day EMA before, only to retreat. But prices are still above the 10 day EMA. Also -- the 10-day EMA has moved higher (although only for a day or two at this point).