Monday, June 21, 2010

21/06: Markets open strong on renminbi appreciation rhetoric

Markets greeted the day's session with a pop of between ~1 and ~1.5 percent (/ES up sixteen was a figure I heard at least twice on CBS Marketwatch in the early AM; it's still reverberating in my ear, somewhere).

Yet I've just now, moments prior to slipping away for lunch, discovered the tastiest chart of the day. Here she is:

That's right, GS, the bellwether of bellwethers, is lining up for possibly significant up or down movement (with probability to the downside), coming up as it is to a trio of significant resistance forces:
1) A robust price channel dating from March 5, 2010
2) 200-period simple moving average, using hourly bars (non- extended hours) as periods
3) The psychological resistance of $140.0

Do I hear some bears roaring?

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