Thursday, February 4, 2010

Today's Market

First, note the market is in a down (A), up(B), down (C) pattern.

Prices have moved through support at line D.

Volume is higher (E), indicating people are leaving the market.

The EMA picture (F) is negative. All the EMAs are moving lower, the shorter EMAs are now below the longer EMAs and prices are below all the EMAs.

Bottom line: the market is looking technically worse.