The market opened a bit higher and then consolidated right before the 10 minute SMA. The market moved up a bit after 9 AM, then fell to the 20 minute SMA. The market moved along this line for ab out 20 minutes and then fell to the 50 minute SMA. The market traded sideways for the rest of the day.
On the daily chart, notice the following:
-- Prices are above the 10 and 20 day SMA
-- The 10 day SMA is turning higher
However,
-- The shorter SMAs are below the longer SMAs
-- Prices are below the 200 day SMA
-- The 20, 50 and 20 day SMA are all moving lower.
What we may have here is the beginning of a rally. Prices have moved through the SMAs that are the lowest on the chart, indicating some bullishness. In addition, the 10 and 20 day SMA will provide support on downward moves rather than resistance. However, there is still a lot of longer term bearishness in these charts as the downward sloping 20, 50 and 200 day SMA show.
