Thursday, February 19, 2009

Today's Markets

Click for a larger image

On the daily chart, simply notice that prices are below all the relevant trend lines from the two month consolidation pattern of the last two months. Also note that today's volume total is pretty weak compared to the past few days.

On the 5 minute chart, notice the following:

-- Prices have been in a fairly narrow range for the last three days. However

-- Prices gapped higher at the open only to fall throughout the day. Also note that prices closed near session lows on increasing volume, indicating the selling momentum was increasing throughout the trading day.