Tuesday, March 2, 2010

Yesterday's Market

Just to remind everyone, the market recap is now going to be in the AM. It's simply easier for me to get this out when I wake up and look at the markets then in the middle of the day.

Yesterday's price action can be broken down into two sections. The first (A) was right at the open. Prices gapped higher and formed two consolidation pennant patterns, using the EMAs as technical support. Then prices hit their top and continued to use the EMAs for technical support.

Yesterday I raised the possibility the market might be forming an up/down/up pattern. That appears to be the case, especially with yesterday's action.