Monday, October 6, 2008

Today's Markets

Wow. What a day. Let's look at this from the yearly chart to put it in complete perspective:

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On the SPY's note the following:

-- Prices are below all the SMAs

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices are below the 200 day SMA

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-- Prices are below all the SMAs

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices are below the 200 day SMA

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On the IWMs, note that prices finally broke through the 64 level.

With all of the above charts note that prices gapped down today on high volume.

While I would expect a relief rally over the next few days, this is a terrible way to start the week.