Friday, September 23, 2011

Barely up on low volume

Most action today actually happened in pre-market. We tested 1100 in S&P and it held. Yesterday's high was today's resistance and will be the level to watch going into next week.
Tech was once more leading, while the Dow and Russell2000 lagged, S&P somewhere in between.

Stocks ended slightly in the green, after a rather boring day. Some individual stocks bouncing hard after being sold heavily the two previous days. For know, we'll have to wait and see if we'll go lower. Even if not, charts will need time to setup again.

Hereunder the 5m-chart for SPY (last two days):

As mentioned before, metals were getting killed today. Gold & copper down +5%, silver ended 14% lower!!

Daily charts for DIA and QQQ:

Clearly much lower volume today, but I guess that's normal. This is not the time to take on new positions, long or short. Some important meetings concerning the Eurozone coming this weekend, so we could easily gap up or down a few % on Monday.

Have a great weekend!

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