Monday, February 13, 2012

Getting ready for new highs?

The market opened nicely higher on positive news from Greece. At first, the gap got faded, but the resistance-level from the first days of February became support. We revisited the morning highs in the afternoon. If price action can continue like this and we trade sideways for 1-2 more days, a nice base for new highs can be formed soon. On the hourly chart of ES-futures, an inverse head-and-shoulders-pattern is forming. But it's only confirmed when we break above 1352-1353 and hold that level.

There were new highs for Nasdaq, nice to see tech leading today's rally. Small caps performed even better, but are still 1% removed from new highs due to the action they saw the last couple of days.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Metals and oil: they all sold off after the morning gap but bounced on Friday's closing levels (for gold, silver and oil that is). Copper was underperforming and had a hard time finding buyers today.
The euro is a whole different story. It rallied overnight on the former mentioned Greece-news. But near the session open, it started dropping and lost all of it's gains.

Articles for tonight:
Who Is Buying This Market?
Brent > LNG > WTI > NG
A Quick Refresher on Tops

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