Wednesday, November 9, 2011

The bears are back

Follow-up post from the intraday update. After the failed break higher, we grinded lower and then came the break shortly after lunch time. We lost about 1.5% and ended near the lows of the day. On most charts, we see a lower high (formed the last 3 days), a bearish sign. Bulls need to the hold the range of the last 2-3 weeks. But we're near the low of that range, let's see what happens next...

As promised, the charts, starting with the 5m-chart SPY:

Daily charts DIA, QQQ and SMH:

Silver and copper sold off together with stocks, only minor losses for oil and gold. As stated before, oil and gold really strong recently (bearish for stocks).

No comments:

Post a Comment