Wednesday, April 7, 2010

Yesterday's Market

a.) Resistance from Monday remained a factor for most of yesterday's action. Prices advanced several times beyond the line but could not maintain the momentum until after the release of the Fed's FOMC Minutes.

b.) Prices started out in a general uptrend, hit resistance from the previous day (a) and moved lower in a downward sloping channel (c).

d.) Prices started a sharp rally after the release of the Fed Minutes. Prices moved through resistance (e) and, after peaking, moved into a downward sloping channel (f) for the rest of trading.