Chopfest In The Morning, Trend Down In Afternoon

The market started very choppy, first down, then rallying up. But at 10 AM, economic data on home sales and the Philly Fed number were announced. And like the jobless claims earlier on, they all came in weak (see table below).

The first reaction to the news was a big and fast move down, under the morning lows. Next followed an even bigger (but slower) move up to the level of yesterday's highs. And from there on we went back to the lows of the day. And lower... and lower... Top to bottom was -1.5% (even over -2% for tech) and on bigger volume => result: another distribution day. The close was not so bad since buyers came in, the last 90 minutes of the session. I'm in 'wait-and-see'-mode for the moment. This could go either way...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Only silver made a move up. Other metals and the euro remained near breakeven. Oil went lower but bounced well in the afternoon, also back near breakeven.