Thursday, February 23, 2012

Another dip, another buying opportunity

Indices went lower for the first 15 minutes, but then the reversal came. Prices shot up until they reached yesterday's session highs. There they started to base for most of the day. Near the close, S&P tried to break higher, but it was just a small move. Still, a close near the high of day and just under recent highs looks bullish. Is the market getting ready for the next move higher?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Big moves in silver and oil today. Gold consolidated, trading sideways after yesterday's big move.
The euro broke out of the tight congestion of the last few days and is making new highs.

Articles for tonight:
The Stealth Correction
Trend In Earnings Growth
NYC Traders Expo

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