Wednesday, September 28, 2011

And the gap is filled

Well, it happened again, it took only a day to fill yesterday's gap. An interesting fact is that tech is back (for today anyway), meaning it didn't underperform as it used to do lately. Also, small caps were lagging the market, their leadership didn't last long.

The market formed an intraday triangle in the first 3 hours of the session, which than broke to the downside. A quick trip to 1152 in ES-futures followed, that's where the bounce came. There was no real convinction or volume in the move, and a bearflag formed. It broke and soon we found ourselves at new lows for the day near the end of the session. Hereunder the 5m-chart for SPY:

Metals got hit again today, together with oil. Biggest loser once again was silver (over 6.5% down).

Below the daily charts for DIA and QQQ:

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