Tuesday, April 14, 2009

Today's Markets

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The main issue with the market is will it or won't it rise over the trend line that stands just above current prices. Right now -- and for the last two days -- we've had prices essentially move somewhat sideways and towards the upward sloping trendline just to the right. Essentially prices are biding time until ... something. There is also the need to consolidate recent gains. It should be noted that it's impressive that prices have not dropped through the trendline, indicating there is still some bullish sentiment about the market right now.

On the 10 day 5 minute chart, notice that for the last three days the 84.25 level has been incredibly important. A move through that level would indicate a breakdown of the the last three days price action.