Thursday, May 21, 2009

Today's Markets

The markets opened lower with a big gap down. Right around 12:30 the markets ran into the 50 minute SMA and then moved lower. But at the end of the day, prices moved higher on strong volume. Prices moved through the 10, 20 and 50 minute SMA on this last run.

Are the SPYs forming a double top? Notice the 10 day SMA has turned lower and prices are again right at the 20 day SMA.

The 10 day SMA is moving lower and has crossed below the 20 day SMA. Also note the latest high was below the first high.

The 10 day SMA is moving below the 20 day SMA and the second high is below the first high.