Yesterday prices gapped higher at the open (a), hit the 10 minute EMA and moved higher (b) and then spent the rest of the day moving sideways in a tight range (c). Notice that prices didn't sell-off at the end of trading, indicating traders are willing to keep positions overnight.
Prices found resistance at highs from 8 days ago (a).
On the daily chart, prices broke out of the downward sloping wedge pattern and moved through the 10 and 20 day EMA. Also note prices printed a very strong bar on solid volume (a).
Treasuries were the mirror image of stocks. Prices gapped lower at the open (a), ran into resistance at the 10 minute EMA (b), bottomed (c) and then moved slightly higher.
However, the IEFs are still in a very strong uptrend (a), although prices are approaching important technical levels. For the last 4 months, the upward trend line in the Treasury market has acted as a natural selling point for stocks.
Copper had a strong break out, starting in the Asian markets (A). Prices moved through resistance (B), then consolidated their gains before the US open (C). Prices moved higher again, moving through resistance (D) and then consolidated again (E).
Copper consolidated gains in a downward sloping pennant pattern over a few weeks, but has broken out strongly printing some good bars (A). Note the EMAs are still bullish with the shorter above the longer and all moving higher (C). Finally, the MACD has given a buy signal (B).
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.