Thursday, January 8, 2009

Today's Markets

Or more specifically -- yesterday's markets.



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On the daily 5 minute chart, note prices have almost fallen to the 50% Fibonacci retracement level.



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On the three month chart, notice the following:

-- The 10 and 20 day SMA are moving higher

-- The 10 and 20 day SMA have moved through the 50 day SMA

-- The 10 day SMA is about to cross over the 20 day SMA

-- Although prices fell today they are still above the shorter SMAs