The markets opened higher today but started to sell immediately. After one hour of continued selling, the markets bounced to sharply into resistance and then moved back down into a double bottom. Technically speaking, the markets are still inside the confirmed move down from early last week. When the markets are at their highs on the daily chart, and two consecutive days of sharp selling occur, that is considered a confirmation move to the downside. This tells technical traders a reversal has taken place. The market then can trade higher as long as it does not take out the pivot high. That is exactly what is happening to the market over the last few days. It has traded higher but stayed within the pivot top made on February 18th, 2011. Now it has started to sell again as the pattern would dictate.
The SPDR S&P 500 ETF (NYSE:SPY) are trading at $132.10, -1.05 (-0.79%). This may be the start of a second leg down in the short term. Oil continues to be a concern as it inches slightly higher and Saudi Arabia’s stock market has seen sharp losses in recent days. This could be an indicator of unrest bubbling up in that country. The United States Oil Fund LP (ETF) (NYSE:USO) is trading at +39.89, +0.70 (+1.79%). Gold and silver are also moving higher today again. The SPDR Gold Trust (ETF) (NYSE:GLD) $139.21, +1.55 (+1.13%) while the iShares Silver Trust (ETF) (NYSE:SLV) is trading at $33.68, +0.57 (+1.72%).
Gareth Soloway
InTheMoneyStocks.com
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