Thursday, November 11, 2010
As I noted a few days ago, prices for the SPY's moved lower after breaking through resistance and are now testing the 10 day EMA for technical support.
The market opened lower (a) but found support at previous levels (b) rallied to the 20 minute EMA and then traded lower (c) before moving through the 10 and 20 minute EMAs only to hut resistance at the 50 minute EMA (d). Prices moved lower m bit then rallied strongly in the afternoon (e). Prices broke support (f), clustered around the 200 minute EMA, before selling off and then rallying into the end (g).
Also note that prices had an upward trend bias for most of the day (a).
The Treasury market was closed yesterday.