Thursday, January 15, 2009

Today's Markets

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Notice there is technical support right around the 84 level. Prices moved through that level today, but bounced back. Also note the increasing volume since the end of December -- the volume was increasing as prices moved lower.

Also note there is technical support at/around the 82 level.

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Prices dropped hard in the morning, then rallied into the 20 minute SMA. Prices moved to the 81 level and then rallied hard. Note the increased volume on the rally. Prices moved just above the 200 minute SMA and then retreated, but rallied again into the 200 day SMA.

This is what a reversal looks like. Note the intra-day turnaround, the increasing volume on the rally and then the close on higher volume. That's a big move.