Another gap, down again this time. And everybody was hitting the BUY-button this morning. We gained 1% or more on the major indices in just over an hour. Yesterday's highs held as resistance and we pulled back... a lot! Right into the close actually. Mostly because buyers just didn't step in again once the high of the day was made. We pulled back and the selling didn't stop due to lack of buyers.
So... a very positive morning, reminding us of the rallies we saw Tuesday and Wednesday. But as long as we stay in this range below 137 (in SPY) and there's no follow through, it's wise to stay on the sidelines or only put a small amount of money to work. And the afternoon proved that once more. Resistance-levels held and we're back in no man's land.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
Metals and oil still are looking very weak with new lows for metals and oil not able to get back on it's feet.
The euro held 1.29 but that's the only positive thing to say. The euro-chart also looks very weak, but somewhat oversold right here.
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