Thursday, May 7, 2009

Today's Markets

Click on all images for a larger image

Was today a reversal day?

Prices opened higher but then moved lower on several strong downward sloping bars. Prices levels out until a little after 12 when the moved lower on a gap down. Prices then moved lower until just before the close when they jumped into the 10 minute SMA

The reason I asked (rhetorically) is based on the above chart (a move higher that can't be sustained) along with this chart:

Which shows an engulfing pattern on today's price.

I should add -- the question is extremely premature.