With the QQQQs, IWCs and IWMs, notice we have the same basic technical situation. All prices have broken key resistance levels (a). In addition, prices are above the 200 day EMA and the 10 day EMA has turned higher (b). Momentum has given a buy signal (c) and with the esception of the IWMs, none of these averages saw a mass exodus even during the sell-off (d and e).
We're still waiting for the IEFs and TLT to give us a signal about whether or not they are going to break higher or lower. But we should know in the next few days what they are going to do.
Agricultural prices may have broken key support yesterday (c).
On the daily chart, notice that prices have broken through technical resistance and the EMAs (a) and that the 10 day EMA is crossing over the 20 (b). While the MACD has given a buy signal (c) note how weak volume is (d and e). Simply put, there is not a great deal of enthusiasm for this particular security.
