Tuesday, September 7, 2010

Yesterday's Market

Yesterday, the IEF moved back above the long-term trend line.

Prices gapped higher at the open (a), then consolidated gains (b). Prices saw two more quick moves higher (c and e) followed by consolidation (d and f).

The IWMs better show the real price action in the quity markets yesterday. Prices gapped lower at the open (a), then moved lower printing some very negative bars (b). Prices then consolidated gains at previous price levels (c). Prices dipped below these levels (d) then moved a bit higher but found resistance at the 50 minute EMA (e). Prices then moved lower and closed near the lows of the day on increasing volume (f).

Sugar is still in a strong uptrend. The EMAs are very bullish with the shorter EMAs moving higher and all moving higher. In addition, prices are making new highs with strong bars (A).

Coffee is making new highs as well. Prices have broken through resistance and printed strong bars in the process (A). The EMAs are strong and the MACD has given a buy signal (C).

Copper is still moving higher. After forming a pennant pattern (A), prices broke out and moved to the higher (B). However, they are again consolidating in a downward sloping pennant pattern (C). The EMAs, however, are bullish (D), but the MACD is leveling off (E).