Monday, November 28, 2011

Morning Market

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.