Monday, April 23, 2012

Big Gap Down And A Messy Bounce

Like the title says, we started the session with a big gap down. Indices formed a bottom before the first hour was passed. And from there on, price slowly crept higher, with the morning high eventually holding as resistance area. However, after a small pullback, a rally started in the afternoon, taking out the morning high. Another pullback was the start of a very choppy close, up/down, up/down...

Except for tech, the 10/4 low held for the major indices and this is the first major support. Important resistance to watch in the coming days, is the 50-day moving average.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
All lost territory, just like indices. Oil managed to stage an afternoon rally, even before stocks did.
Big loser today was silver, down almost 3%. Gold made back most of its losses.

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