Friday, March 16, 2012

Morning Market Analysis

Let's start with the weekly QQQ as this is a great looking chart.  After moving though resistance, prices followed-through.  Also note the EMA picture, rising MACD, A/D and CMF.  Bottom line -- this says bull market.

While not as strong as the QQQ chart, the SPYs are also moving higher.  The 60 minute chart shows prices are in a strong, upward sloping channel, which the daily chart shows prices are still moving higher, albeit at a slower pace than the QQQs.

The IWMs and IYTs are the laggards in the market right now, but both are right at resistance.  Notive the huge volume spike on the IYTs (transports, lower chart).  In an ideal really, we'd see both of these move though upside resistance soon to confirm the rally.

The copper ETF is still trading around the 200 day EMA with the shorter EMAs offering little or no guidance.  However, the MACD is declining. 

Yesterday, grains broke through resistance (top chart).  The lower chart shows that on the weekly basis, there is little in the way of prices going forward, with the exception of some action right around 50 on the chart.