Friday, March 30, 2012

Are The Bulls Getting Tired?

A gap higher got faded, not that surprisingly since momentum seems a bit lost the last 2 weeks or so. After 75 minutes of dropping lower, market started to climb again. The Dow and S&P500 got back up to opening levels, but tech and small caps lagged, no confirmation there.

The weekly charts of the indices don't look too hot. 2 consecutive (semi-)doji's for SPY and IWM plus fake break outs for IWM. QQQ prints 2 consecutive inverse hammers, each on lower volume. DIA on the other hand is lagging, but looks to be basing here, getting ready for a break higher. Since indices rather confirm than contradict each other in the long run, something has got to give here, sooner or later.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
All were up, but not by much. Copper was the biggest winner, adding almost 1%.

SNTS tried to break out to new highs, almost hitting 6. Holding this winner!

Have a great weekend everyone!

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