After a small pullback, we soon went up. Most indices stopped climbing near yesterday's close, only small caps did a little better and outperformed today. A couple of hours (and a nice basing pattern) later, we went up, but only little. While small caps were making nice new highs for the day, the other indices looked 'heavy' and in need of some more consolidation.
As long as we're going sideways without pulling back much, this market looks healthy. It seems like it's digesting the recent upmove through time, not price.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Metals and oil were acting weak intraday (except for copper), compared with indices that is. The euro on the other hand held it's gains and looked strong.
Articles for tonight:
Apple in One Chart (earnings coming up)
New World Oil Demand Blasts Past Old World
US Inches Closer to 'Europe Moment'
US Stocks Shake Off Europe
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