What that basically meant was that, well... nothing happened. Or almost nothing. Indices were mostly trading sideways near yesterday's closing levels. Halfway through the afternoon, market broke down a bit, only to rebound half an hour before the close of the session.
Big caps were lagging a little bit. Metals and oil however, managed to make small gains.
There are two ways to interpret this week's action:
- or indices are building a base for higher prices to come,
- or this is a bearflag forming.
Wait for confirmation, meaning, a breakout up or down. Right now, we are trading in no-mansland (with a slight bias to the upside).
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
As said, metals and oil made small progress, the euro on the other hand didn't. After trying to take the 1.26-level, it traded back down to 1.25.
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