There are some incredibly important points on this graph
1.) Note that 92 (line 1) provided incredibly strong resistance to an upside move. As prices moved higher, the average volume also increased. Granted this was weaker volume because of end of the year trading, but an increase in volume should not be overlooked. But -- prices fell.
2.) Since being rebuffed at 92 prices have continued to move lower on increasing volume. Now prices are approaching line 2, another important technical level
3.) Prices have moved below all the SMAs
4.) The only good thing about this chart is the SMAs are bunched together in a tight range.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.