Both the Italian (top chart) and French (bottom chart) market moved through month long downside resistance yesterday. The Italian market did so on very strong volume. In contrast, the French market's volume is a bit uninspiring. Both are also at to near the 200 day EMA, making the move that much more important. The key to yesterday's moves is today's follow-through.
Oil had a strong move through resistance yesterday. Over the last week and a half, prices have moved though the 10, 20 and 50 day EMA, while also getting a buy signal from the MACD. The next logical price target on this chart is the 200 day EMA level.
The weekly chart of the Brazilian market shows an incredibly weak technical picture. Prices have broken through a nine month trend line after approaching a Fibonacci fan. In addition, the MACD and RSI are showing weakness.
The industrial metals market continues its bottoming process. After a sharp fall in October, prices bottomed at the 18 price level for about a month. Now prices are moving higher and yesterday, they moved through key resistance.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.