Wednesday, May 30, 2012

Opposite Of Yesterday - Gap Down And Close Near The Lows

Another big gap, this time to the downside. And indices kept selling off during the morning. The big loser was the Russell2000, small caps were down about 2%. There was a bounce in the afternoon, which didn't last long.

The market looked to put in an intraday double bottom in the last hour, but the push higher wasn't impressive at all. A close just above the lows is not very promising.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
All were gapping down together with indices. Gold and silver went on to go back in the green before lunch, while copper traded sideways, down -2.4%.
The euro and oil kept going down, the euro losing 1% and oil even 3.5% (!).

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