Friday, November 11, 2011

Gap up and rally!

After holding support yesterday (and closing relatively good) we started rallying just before the regular session opened and broke 1250-resistance in S&P. 1165 stopped the rally and a sideways move followed. A nice base was build under 1265 (127 for SPY). But then prices dropped somewhat just before the start of the last hour of the session. A little later came the usual volatile chop near the end of the session. Good close though and waiting for the range on the daily to be broken (up or down).

Dow and S&P are now hovering under breakout-level from the flag they have been building the last 3 weeks. Russell2000 and Nasdaq in divergence with the other major indices. Especially for tech that's remarkable, since Nasdaq was leading recent rallies.

5m-chart SPY:

Daily charts DIA, QQQ and SMH:

Gold, silver and copper up together with stocks. The same for oil, but it lagged the overall market. Still, 100 is coming in sight, oil already tapped 99 today.

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