On the euro, notice the increasing volume over the last month. Then notice yesterday's spike in volume. I've wondered out loud over the last week or so whether we were witnessing a selling climax. Yesterday there were rumors of the ECB intervening on behalf of the euro, but that rumor was not confirmed. But that is a reason for the volume spike.
The overall technical picture is still bearish, with all the EMAs moving lower, the shorter below the longer and prices below the EMAs (c). The MACD is moving lower as well (a). But, notice the MACD could be about to give a buy signal and the A/D line has turned positive as well.
in relation, notice the dollar is right at technical support.
Gold caught a safety bid as part of the European situation. But we may be seeing a flight from there as well. First, notice the shorter EMAs have turned lower and that prices are right at technical support (a). Also notice the momentum has decreased ( b) and the A/D line is dropping as well.
The SPYs are dropping in a big way. First, all the EMAs are moving lower, the shorter are belwo the longer and prices are below the EMAs (a). Momentum is dropping (b) and the A/D line is moving lower (c).
Note the large down bars (a) and gaps down (b) on the chart.
On the Russell 2000, notice the 10 day EMA has moved through the 50 and the 20 is about to do so.
