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.

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