Thursday, December 18, 2008

Today's Market

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On the SPYs note the following:

-- Prices are right at the top of a downward sloping channel

-- Prices have been increasing since the end of November

-- The 10 day SMA is rising, it has crossed the 20 day SMA and it is about to cross over the 50 day SMA

-- Prices are above the 10, 20 and 50 day SMA

-- The 20 day SMA is now increasing

Let's add a few more charts

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Notice the following on the QQQQs

-- Prices are above the downward sloping channel

-- Prices are right at the 50 day SMA

-- The 10 day SMA crossed the 20 day SMA

-- The 20 day SMA is heading higher

-- Prices have been rallying since the end of November

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Notice the following on the IWMs

-- Prices have been increasing since late November

-- Prices are above the downward sloping channel

-- Prices are over the 50 day SMA

-- The 10 day SMA is increasing, it has crossed over the 20 day SMA and it is about to cross over the 50 day SMA

Bottom line: the markets are lining up for a rally.