Friday, August 27, 2010

Yesterday's Market

After gapping higher at the open, prices broke the trend line started yesterday (a). They found support at previous lows (b) and tried breaking out but found resistance at the EMS (C). Even getting above the EMA couldn't give prices enough momentum, so they fell through support (e). When momentum shifter (f) prices rose but found resistance at the EMA (g), so they fell (f) on increasing volume.

The SPYs are currently at important support levels (a).

The IEFS (7-10 year treasury) are still in a rally (b). Notice the number of upward gaps the chart has printed recently (a).

After breaking through important resistance, the TLT has also printed several important upward gaps as well (a and b). Also notice how bullish the EMAs are -- the shorter are above the longer and all are rising (c).

Cattle is still in an uptrend (A), which has continued through important resistance levels (C) and consolidated gains along the way (B). After peaking, prices have fallen (d), but are still at elevated levels.

Copper is clearly consolidating recent gains (A).

Wheat is also consolidating gains (A).

Crude oil is currently at important support levels (A).