Tuesday, May 4, 2010

Signs of Weakness


The behavior of the markets will be critical today--especially the Transports--as we are entering the first Energy Date period for May.
  • Transports could have generated a false Point and Figure Buy last night
  • 21 day ema has been broken and the 55 day ema is acting as support.
  • lower highs and lows is the current price pattern, which is bearish.
  • Monitor Fibonacci A-B-C correction levels for further clues about the current market structure.

1 comment:

forex-cat said...

Hi. I am forex-cat.

Your article is always useful.
Thanks.

Good luck trading today.

...my blog:
http://forex-chart-analysis-and-a-cat.blogspot.com/