And three for three, the S&P-index held the pre-market lows. From there on, it took 2 attempts before the market started to rally, a +1% move higher, back towards the high of the week. A close near the highs, another bullish signal, is this the start of a new leg higher? Not so bullish; the volume...
5m-chart SPY in the trades-section.
Daily charts DIA, SPY, QQQ and IWM:
While gold & silver moved higher, copper went down.
Oil took a hit on the news that inventory unexpectedly increased.
The euro got slammed (-1.2%, under 1.28) because of some bearish Eurozone-news. And with that, the correlation between the euro and the major US-indices weakens further.
Trades
After watching a couple of hammers forming in the same support-area, I went long SPY @126.72.
The action was good and volume not bad at all, but after a first move higher, the market retraced further than I anticipated. After touching 127.10, I moved my stop-loss near breakeven. It got hit and I was out @126.76 only to see the market rally little later. Exactly the same happened about 2 weeks ago, the beginning of this latest upswing in the market. Which only means I should wait longer before moving my stop-loss higher...
5m-chart SPY:
A few more articles for this evening:
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