Friday, March 15, 2013
Morning Market Analysis
Yesterday, the UK ETF was one of the best performing ETFs of those I watch; notice the incredibly strong bar it printed (top chart). This is a very impressive move, especially considering this ETF has been a dramatic underperformer for the last 4-5 weeks on multiple time frames. For the last week, the candles have been tangled with the shorter ETFs. However, yesterday market a strong break-out.
However, notice on the weekly chart (bottom chart) that for most of this year, prices have been consolidating, falling back to the long-term trend line. Now we see prices rebounding from that level and approaching a multi-year high.
In addition to a rallying equity market, the British Pound also rallied strongly, moving through the 10 day EMA and upside resistance.
Finally, the Russell 2000 ETF rebounded through resistance yesterday. Notice the MACD and CMF buy signals as well.