Monday, November 28, 2011
All the major equity indexes are caught between the 38.2% and 61.8% Fibonacci level of their respective charts. However, all the shorter EMAs are now moving lower with the shorter below the longer. My best guess is we're looking at a sideways consolidation until we get a firm read from the EU.
Copper is still very bearish. Prices are in a downward sloping channel. The shorter EMAs are all moving lower, with the shorter below the longer. Prices are also below the 200 day EMA. Nothing in this chart looks promising. A convincing move higher would require a move through all the EMAs, preferably on decent volume.
The high-grade corporate market has broken important trend lines.