Wednesday, March 27, 2013

Morning Market Analysis

The 60 minute SPY chart (top chart) shows that prices broke support last week and have been consolidating between 154 and 156 since.  Now the MACD has broken trend and the CMF is rising.  Prices are also trading right near resistance near the 156 area.  On the daily chart (bottom chart), we see the consolidation in more detail.  Prices used the 10 day EMA for technical support for the last week or so.  While the MACD is currently moving lower, a downward shifting MACD is common in consolidation patterns.

The Mexican ETF has broken through resistance.  Also note the strong CMF reading along with the rising MACD -- which has a lot of room to run.

The oil market has had a strong couple of days, printing very strong bars.  Prices are right at the top Fib fan, with a rising MACD and CMF.  This is a chart that wants to move higher in a big way.