Monday, July 26, 2010

Yesterday's Market

A note to readers. Starting this week, I will be using individual futures charts for various futures markets. While I had been using the DBA, DBB and USO ETFs for futures, a recent article in Bloomberg (which is no longer available) discussed serious problems with the USO and UNG ETFs. As such, I'm going to the source from now on and will focus on individual contracts.

The SPYs, DIAs and IWMs have all broken through key resistance levels.

The QQQQs stand right at key resistance.

The SPYs are just through the 200 day EMA (a) and the 10 and 20 day EMAs are both moving higher.

Note the SPYs have positive momentum (a), and increasing movement into the security (b and c).

The long-end of the yield curve has again moved through support (a) and two EMAs. In addition, momentum is dropping (b) and money is moving out of the security (c and d).

Copper has broken through key resistance (a). In addition, the 10 and 20 day EMAs are moving higher and about to move through the 50 day EMA. Also note that prices are above the EMAs.

Copper had a good week last week. Prices were in a strong uptrend. In addition, there were several strong moves higher (a, b, and c).