Prices gapped higher at the open (a), wuickly consolidated in a downward sloping pennant pattern (b) and then rallied strongly (c) before again consolidating. Prices next formed a double top (e) before selling off to just below the 20 minute EMA (f). Prices then consolidated their gains in a triangle pattern (g) and then rallied strongly into the close on rising volume (h).
Let's look at the rest of the equity averages:
The SPYs finally made some headway above hey resistance levels (a).
The NASDAQ continued its advance above key resistance (a)
The Russell 2000 made a strong gains yesterday as did
The IWCs, which also advanced through important resistance levels.
However,
The Treasury market rallied as well, moving above the upper line of its downward sloping pennant pattern. Prices are constricted by the EMAs, however.
Gold continues its move above key resistance.
After bottoming (a), the dollar rallied but ran into upside resistance at the 50 day EMA (b). Prices then started to move lower, forming two upward sloping pennant patterns along the way down (c and d). Prices have now consolidated in a triangle pattern, just a bit higher than previous lows (e).
