Oil continues to move downward, albeit slightly. Notice the bearish orientation of the EMAs -- the shorter are below the longer and all are moving lower. Prices are also below all the EMAs. Finally, we have decreasing momentum and a slightly negative CMF reading.
After breaking through resistance, both semi-conductors (top chart) and homebuilders (bottom chart) have consolidated gains. The big key for the semi chart is to get above the 200 day EMA.
On the daily chart (top chart) notice the German market broke trend in early September and has since been trading sideways, remaining above key support -- which is just about the 22 handle. On the weekly chart (lower chart) notice that upward momentum stalled at the 61.8% Fib level. A move above this level shows there's a lot of daylight for a rally.
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.