Tuesday, June 12, 2012

Bouncing Up Again

After a small move lower, the market found support near yesterday's low. A quick rip higher followed, up 1% in less than an hour. From there on a nice base formed throughout the day. In the last 20 minutes of the session, there finally was a breakout-attempt, but only for small gains. A close at the highs is positive for the bulls though.

What basically happened, was the market bouncing back up again from yesterday's hit on the chin. Let's wait for tomorrow to see if there will be any follow-through, but I expect more chop/mostly sideways action.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Gold and silver were acting strong together with indices/equities. The same can be said for oil.
The euro only made minor gains, just above breakeven and still hovering near the 1.25-level.

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