Monday, March 16, 2009

Market Mondays

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Notice the following on the daily chart:

-- Prices have moved through the downward sloping trend line that started in early February

-- Prices have moved through the 10 and 20 week SMA

-- The 10 week SMA is turning more positive

-- The MACD has given a buy signal

-- The RSI is rising

-- The Money Flow index rising

However

-- The shorter SMAs are below the longer SMAs

-- The 20 and 50 day SMA are still moving lower





Notice the following on the weekly chart

-- The MACD is moving higher

-- The RSI is rising on a longer scale.

HOWEVER

-- Prices are still below all the SMAs

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

Bottom line: we have a long way to go -- especially on the long term chart -- before we're out of the woods.