Tuesday, May 29, 2012

Gap Up And Close Near High Of Day

A big gap up (close to 1%) soon found buyers to push prices even higher. An hour into the session, the market started to consolidate and then reverse. Another hour later, we started to drop fast, to erase all gains of the day. But Friday's high became support and in the afternoon prices started to rise again.

The bulls shifted a gear higher into the close, lifting price back towards the highs of the day.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro, oil, gold and silver had one thing in common today. They all got whacked big time once the intraday reversal hit the market. They went from green or breakeven to (deep in the) red. Only copper managed to stay positive.

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