Friday, September 10, 2010

Yesterday's Market

Yesterday, prices gapped higher at the open (a), but quickly started to move lower (b) eventually finding support near the 20 minute EMA (c). this opening move lower was telegraphed by the declining momentum (e). After rising a bit, prices moved a touch lower and hugged the 20 minute EMA (d), eventually moving lower. However, momentum reversed (g) and prices moved higher near the close.

Prices for the SPY are still above the 200 day EMA (a).

The IEFs opened lower (a) and then moved lower for the rest of the day, hitting resistance at points b, c, d, and e.

Prices again moved below trend line (a) (see b). But most importantly, notice the 10 day EMA is very close of moving through the 20 day EMA (c).

In addition, the long end of the curve (a) is also below one trend line and the 10 day EMA is about to cross below the 20 day EMA.

Corn continues to move higher, breaking through key resistance (a) at point (b). the EMAs are very positive (C) and the MACD is moving higher (D).

Copper is hugging its EMAs (A), but the MACD indicates momentum may be weakening.

Sugar is in a clear bull market, printing some incredibly strong bars over the last few trading sessions (A). In addition, the EMAs are also extremely bullish (B) with the shorter above the longer and all moving higher.