Wednesday, April 22, 2009

Today's Markets

Let's break this down into a tale of two sets of charts.

Both the QQQQs and the IWMs had strong days. Both moved through the previously broken upward sloping trend line. I drew a second line on the IWM chart to show an alternate perspective. Both charts have very positive SMA pictures -- the shorter SMAs are above the longer SMAs, the SMAs are rising (with the exception of the IWMs 50 day SMA) and now the prices are above all the SMAs.

Both the SPYs and the DIAs are still below their upward sloping trend lines. And the SPYs action today is simply horrible.

What's interesting is the more aggressive indexes -- the QQQQs and the IWMs are moving higher on strong bars while the SPYs and the DIAs are languishing.