Thursday, April 5, 2012

Low Volume - Pre-Holiday Chop

A gap down occurred, right at yesterday's support (except for tech which behaved stronger all day).
From there on price went up towards the highs of the previous day. That level was reached 90 minutes into the session. Most indices then started to trade lower or sideways, while tech was still going higher. And that was mostly thanks to AAPL that rallied nicely until the end of lunch hour.

Except for tech, the action looks very weak and most indices closed in the lower half of today's range. Many will be watching the jobs-report tomorrow. Since markets are closed on (Good) Friday, Monday could provide us with a significant gap up or down. Or maybe not...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
A nice rebound for oil and silver, but less of a bounce in gold and copper.
The euro sold off for the third day in a row! We're now looking at 1.30 as next support.

Remember, markets are closed tomorrow (Good Friday).
Have a great weekend and Happy Easter everyone!

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