ES Daily: Today gave a big rally off the crossing of the two red trend lines shown below. After continued divergence on many indicators, the market continues to rebound. Rally due to covering or actual new buyers?
$INDU Daily: (Dow) Similar rising wedge as above.
$TRAN Daily: (Dow Jones Transportation Avg) Similar rising wedge with a pullback right to the 50% retracement and trendline.
$NDX Daily: (NASDAQ) The Nasdaq found resistance at the level mentioned in a
previous post (the blue line).
6E Daily: (Euro) So far, the euro found heavy resistance at the 9/22/2008 high and the cross of a trend line. Careful of support at 1.4449 (50% retracement and previous swing high).
CL Daily: (Crude Oil (Light)) Crude has broken out the bottom of the containing channel with some possible room to fall. Crude and the Euro seem to trend together recently, so this fits well with the Euro falling.
DBA Daily: (Agriculture) Continues its grind lower, with targets at lows.
ZB Daily: (Bonds) Even as the markets rallied today, the bonds continue their climb, breaking previous highs.
ZG Weekly: (Gold) So far, has found resistance at the double top set in 3/2008. Could a continued flow into bonds mean investors moving away from gold?
Market Update