Tuesday, February 23, 2010
A.) At the start of the year, the IEFs rallied to the 50% Fibonacci level, but couldn't get above same. Since then, they have pulled back.
B.) Note the EMA picture is bearish. First, prices are below the 200 day EMA indicating we're in a bear market. Also notice the shorter EMAs are below the longer EMAs and that prices are below all the EMAs.
A.) The long end of the market is in the middle of a downward sloping channel.
B.) The EMA picture is negative. Prices are below all the EMAs, all the EMAs are negative and prices are below all the EMAs.
C.) Note the heavy resistance prices hit at the 50 day EMA; this was an incredibly strong area of resistance.