Monday, May 18, 2009

Today's Markets

Today the market opened higher on an upside gap Then the market continued moving higher using the 10 and 20 minute SMAs as technical support. Finally, notice the really large move higher at the end on strong volume. That's very encouraging for tomorrow.

On the daily chart we have a big move up from the 20 day SMA through the 10 day SMA. But let's not get too excited. My guess is we've moving into a consolidation phase at best. The recent sell-off wasn't strong enough or deep enough to weed out some of the longs yet.