Friday, April 9, 2010

Yesterday's Market

The real story of yesterday's market was the rally (a) that started at 10:30 and continued until 12:30. Notice the consolidation that occurred along the way (b). After the rally was over, prices consolidated using (c) as support.

On the daily chart, notice that prices broke the uptrend and that the MACD has given a sell-signal. However, the A/D line is still strong.