Tuesday, November 13, 2012

Morning Market Analysis

The homebuilders 1 hour chart (top chart) shows that prices formed a double top at the beginning of the month, but have been falling since.  The dialy chart (bottom chart) shows that prices have fallen through resistance around the 26 price level and continue to move lower.  Near term support is at the 50 day EMA and 24.5/25 price level.

Industrial metals -- which fell for most of October -- have bottomed around the 18 price level which provided technical resistance at the beginning of August.  Prices have been moving sideways for most of the month.  However, notice the buy signal we see on the MACD.

The daily chart of the Japanese ETF (top chart) shows prices have fallen through support.  But also not eh very weak MACD reading and inter-twined structure of the EMAs.  The weekly chart (lower chart) shows that prices are still consolidating in a broader downward sloping wedge.

The weekly chart of the Australian market (top chart) shows that prices have broken through resistance, but have lost upward momentum.  The daily chart (bottom chart) shows that prices are still moving higher, but at a decrease pace.  However, notice the weakening MACD picture, which shows that momentum is dropping.