Thursday, May 24, 2012

Buyers Getting Active Again Towards The Close

The market pulled back from a small gap up and then tried to rally. But after yesterday's big intraday reversal rally, it was logical that we would see some kind of pullback. And that was what happened later in the morning, a choppy slide lower for all major indices. But especially tech (and small caps to a lesser extent) had a bigger drop, losing over 1%.

The last 40 minutes however, lots of buyers came in, pushing the price above yesterday's closing levels for DIA, SPY and IWM. Tech was still lagging, down about 0.6%.
Buyers are stepping in big time for the second day in a row. Someone wants to push this market higher...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Indices at first pulled back after yesterday's big intraday reversal. Oil, copper and silver on the other hand, went up rather well against the market flow.
Gold was weaker and pulled back a bit. And the same fate for the euro, down 0.4% and now trading close to the 1.25-level. Will this finally be support or is the end still not in sight? The eurocrisis and a possible Grexit will decide what comes next...

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