Yesterday, prices gapped slightly higher at the open (a), and rode the EMAs a bit higher before consolidating gains in a downward sloping triangle (b). After breaking out of the triangle (c), prices rose again before consolidating again (d), and then rising into the close on increasing volume (e). This is the second day in a row that prices have closed near their daily highs.
Prices have moved through the 10, 20 and 50 day EMA, and are now right below the 200 day EMA.
Treasuries are right at critical support. A close below this level with downside follow-through would be very bullish for the stock market.
Yesterday prices gapped lower at the open (a) moved lower but with the MACD moving sideways a reversal shouldn't have been a surprise. Prices bottomed, rose a bit but in reality traded in a very tight range for the rest of the day.
Both the equity and bond markets are waiting for tomorrow's employment report. Both stand at important technical levels, ready to make important moves in either direction.
Oil had a strong rally yesterday (A). There were three strong advances (C) followed by areas of consolidation (B).
Gold continues its upward advance (A). Notice the bullish orientation of the EMAs (B) with the shorter above the longer and all moving higher. In addition, the MACD is still bullish (C). However, prices are nearing key areas of resistance (D).
