Thursday, March 20, 2008

Today's Markets

The markets had a decent day. Although they opened lower, they continued to move higher for the rest of the day and ended on a high note.

Looking at the daily/SMA picture we get something a bit different.

The QQQQs are locked in tight with their SMAs with everything about even right now. In other words, traders are looking for a direction for the market to go.

With the SPYs and the IWMS notice:

-- The SMAs are all moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices are right between the 10 and 20 SMAs

Also note that prices -- with the exception of a drop down 4 days ago -- have been in an incredibly tight range for about a week or so.