Tuesday, March 17, 2009

Today's Markets

Taking a look at the 10 day chart, notice that last week's rally was a really solid move upward. Prices continued to move through previous levels of resistance and formed some solid bull market pennant formations to consolidation gains. However, all things must come to an end and prices yesterday broke through the upward sloping trend line.

Notice that prices have moved through the 10 and 20 day SMA. However, yesterday's volume was very weak compared to the volume of the rally.