Monday, July 28, 2008
The markets opened with a quick upswing but couldn't maintain momentum. Prices started to drift lower after 9 AM, slowing falling below all the SMAs. Around 10 AM prices took their first big downward tumble, moving from 125.40 to 125. Then prices moved sideways until they hit the 20 minute SMA a bit after 11 AM, again moving lower. They hit 124.40 about noon and moved sideways with a slight downward bias until about 25 minutes before closing. Then they dropped hard in increasing volume until the close.
Notice the market continued to move lower, breaking through key support levels until they hit the low point near the close. Today was entirely bearish, plain and simple.
It's looking as though the bloom may be off last week's rally.