Yesterday, prices traded between two important technical levels, the first established over a week ago (a) and the second from the previous days trading (b).
Prices moved lower at the open but found support from the previous days levels (a). Prices consolidated in a triangle pattern for the first bit of trading (b) broke through resistance anbd rallied higher forming two more triangles to consolidate gains (c). Prices hit resistance at levels established over a week ago (d) and then sold off into the close on rising volume (e).
Notice how the three largest market sectors of the SPYs -- technology, financials and health care -- have been trading in a range for the last few months.
The long end of the Treasury curve -- the TLTs -- has moved back above the long-term trend line (a) and has moved moved through important resistance as well (b). Also note that prices have gapped higher (c), indicating a several mis-match between supply and demand.
The gold market is once again in an uptrend (a). Also notice the shorter EMAs are about to cross over the longer EMAs (b) and the MACD has a lot of room to run as prices move higher (c).
Yesterday the cattle market hit a 6-month high.
