Tuesday, November 18, 2008

Today's Markets


I've been carping on the consolidation triangle occurring in the market. Notice that today me moved below that level and then rallied above. Technically that is very important because it indicates 84 is an important level for traders.

Also note this is now the fourth time the SPY's have tested that level only to rally from it.


On the two day chart in 5-minute increments notice the following:

-- Prices consolidated around the 84 level.

-- Prices broke through this level.

-- Prices rallied from this level on increasing volume.

Very positive move technically.