The SPYs were in a downward sloping channel yesterday, bounded by trend lines (a) and (b). Prices continually made lower lows and lower highs(c and d), eventually falling below the lower trend line at the close of trading on increased volume (e).
On the daily chart, prices are in a downward sloping channel (a and b) and are currently in a fairly tight trading range (c).
In the Treasury market, prices for the IEF gapped higher at the open (a) and started to use the 10 minute EMA and line (b) for technical support. Also note several downward sloping consolidation pennants (c) during the morning rally. After the rally prices moved in a sideways pattern for the rest of the day (d).
Notice that prices for the IEF found technical support at the 61.8% Fibonacci level.
Gold is still rallying (A). Notice the EMAs are still very bullish -- the shorter EMAs are above the longer EMAs and all the EMAs are moving higher. However, the last two days have printed incredibly weak candles (A) and the MACD is narrowing (D). Prices are also approaching important resistance levels (E).
The dollar was in a strong downtrend (A), until breaking out a few weeks ago (B). Prices have rallied, but have curved, moving into more of a holding pattern (C). Along the way, prices have consolidated in downward sloping pennant patterns (D). Yesterday, prices moved higher (E). Also notice the MACD is moving higher, although, like gold, the area between the indicator and signal line is decreasing (F).
Yesterday, the dollar was in a clear curving uptrend (A) that consolidated in downward sloping pennant patterns throughout the day (B).
