Monday, March 31, 2008

Today's Markets

With the SPYs, notice the following:

-- The market was in an upward sloping channel until a bit after lunch.

-- The market broke the upward trend in the early afternoon.

-- The market tried to rally twice through the 200 SMA but was rebuffed.

-- There is upward resistance in the 132.50 - 132.60 range

Notice the following:

-- There are interlocking trends/patterns. There is a triangle pattern in the morning. There is also an upward sloping trend channel that the market broke a bit after lunch.

-- The market tried to rally through the 200 SMA three times but was rebuffed.

With the IWMS, notice there are two patterns.

-- An upwards sloping channel

-- A downward sloping pennant pattern.

Also note the IWMS only reached the 200 SMA once, crossed over and then retreated.