Monday, January 25, 2010

Market Mondays

Last week we say a big sell-off. First - and as always -- Corey at Afraid to Trade has some great analysis. In addition, consider the following charts:

A.) Prices moved through three key support areas in two days. They did so on high and increasing volume.

B.) There are still two short-term support areas below prices.

Note the strength of the candles -- the bodies are long (as in a few points). This indicates prices dropped throughout the day.

A.) Prices have moved through the EMAs quickly -- prices are now below the 10, 20 and 50 day EMA.

A.) Momentum has been decreasing for months.

I'll post on the other averages throughout the day.