Thursday, April 26, 2012

Nice Intraday Rally, But On Low Volume

In the morning, indices slowly worker their way higher. Most of them made a slightly higher high just before lunch (except for Nasdaq, tech was tired from yesterday's big run).

A nice consolidation followed and at 13.15 indices blasted higher for 90 minutes. Then we finally saw some longer consolidation. Price broke out of that area to new highs, about 45 minutes before the closing bell.
The 'rally' was short-lived as it reversed after 10 minutes. But no deep pullback, just a choppy close, nothing unusual for the last 30 minutes of the day.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals had a very good day after yesterday's intraday reversal. Silver and copper outperformed gold.
Oil and the euro were up little, but up nonetheless.

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