Prices dropped after gapping at the open (a) but rebounded pretty quickly (b). After rallying, prices fell back to key support levels (c) before again moving higher. Notice that prices used the 10 minute EMA as technical support. Finally, prices ended near highs for the day.
On the IEF, notice that prices were in a tight range for a 6 days (a). In addition, prices had three major drops last week (b, c and d). In short, prices couldn't hold onto gains.
On Friday, the IEFs opened with a gap at the open and rallied into the 10 minute EMA before making a strong downward move (c). Notice that prices rallied into the EMAs, but found resistance at those levels on a regular basis.
While the 7-10 year Treasury ETF is still in an uptrend (a) it dropped hard on Friday (b).
After consolidating (A), copper broke out on Friday (B). Note the MACD is close to giving a buy signal (C).
Oil has been an underperforming commodity for the last 4-6 months according to Stockcharts, PERF charts. Recently, prices hit key support areas (A) and bounced higher (D). However, the shorter EMAs are below the longer EMAs, but the MACD may be close to a buy signal (C).
