Wednesday, May 2, 2012

Gap Down And Up Again

A big gap down confirmed the bearish action we saw yesterday afternoon, namely the sell off in the close.
After some more downside, the low of the day was hit an hour into the session. Indices climbed, slow but steady, until 90 minutes before the close. A small pullback and once more the bulls brought price back up near the highs where we closed.

All in all not a bad recovery, but overall action is not so good. Bulls desperately need to get back near yesterday's highs as quick as possible. If we loose today's support, a lower high on the daily chart is in the making (except for the Dow).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals and oil got a bit of a beating today, down much more than the major indices.
The euro was sitting in the same boat...

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