A very choppy session today, bulls nor bears had the advantage. The morning gap up was faded, but yesterday's close held as support. No convincing volume on the bounces from support. Some fake moves though, putting break-out traders on the wrong foot.
The last minutes of the session took price back to the low of the day. 122 (SPY) held as support all day long. It will be the level too watch tomorrow, bulls want this to hold. On the upside, 123.20 is resistance (and previous support).
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Gold looks like the rally is over, it broke the trendline and got hit hard (on high volume!). GLD-chart below:
Silver and copper don't look hot either.
The same can be said about oil, down another 1.3%.
The euro crept back above 1.30, but still looking weak. No evidence of a bottom yet.
A few articles worth reading:
The Shawshank Way
What Changes Await Us in 2012
What's up with Gold?
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