Thursday, November 10, 2011

Morning Market

On the ETFs of all the major averages, notice that prices have broken uptrends and are now standing at or near very important technical support levels at prices established several months ago.  Also note that prices are simply consolidating/meandering sideways.  Traders are still waiting for  ... something.  No one will know until we see it; but a catalyst is needed to definitively move in one direction or the other.

After bouncing along the long-term trend line, gold prices have started to move higher in an upward sloping channel.  The EMAs are all moving higher and the shorter EMAs are above the longer.  Prices are advancing and retreating in a good, disciplined manner, allowing traders to take profits and giving new entrants a place to enter.