Wednesday, March 25, 2009

Today's Markets

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The main takeaway from the daily chart is the rally is still intact; the upward sloping trendline is still providing support for the rally.

On the daily chart, notice we've had two "inside days" -- days there the candle's bodies are inside the preceding day. This is similar to a triangle or situation where there is price consolidation. Also notice the following:

-- The 10 day SMA has moved through the 20 day SMA

-- The 20 day SMA has now turned positive

-- Prices are still above the 50 day SMA

-- Prices have not retreated to any of the above printed support levels yet