Monday, June 22, 2009

Today's Markets

In the last two Market Monday's (see here and here) I've note the market was in a downward posture. We're now in full blown correction mode. Click on all images for a larger image.



On today's chart notice the market opened much lower with a gap down and then another gaop down within 10 minutes. The market then continued to run into resistance at the 10 and 20 minutes SMA. Finally, at the end prices sold-off on high volume, indicating no one wanted to hold a position overnight.



On the daily chart notice that prices have moved through the 50 day EMA. That is avery bearish development.