A Bounce, But No Conviction (Thursday Re-run?)

Futures went down about 1% in pre-market, only to get back near breakeven at the opening of the session. After a short spike higher, price dropped again, almost to the point of the overnight/pre-market low. But at lunchtime, indices put in an intraday double bottom and then the market suddenly ripped higher.

It reminded me of last Thursday when we saw similar price action, only to be followed by a very weak close (and a big gap lower the following day!) But today we got a slightly better finish, although a close at the highs would have convinced me more... Right after the close, the price dropped considerably, profit-taking already?

Tech was the strongest, leading the other major indices with half a percent. Small caps were lagging a little bit.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Finally oil showed some strength (+1%), even when the market in general traded lower. Same for the euro, after Friday's reversal, it added to those gains. The euro is trading back near the 1.25-level.

Gold and silver were rather weak, but that's understandable after Friday's gains. Copper was strong, just like the euro and oil.