First Profittaking, End Of The Line?

Another big gap up today, which was sold half an hour into the session. Yesterday's high/close held as support in the morning. A weak bounce couldn't get price back to the morning highs and as a result, new lows were made in the last half hour of the session. This was especially true for tech and small caps. Big caps held on to some of the gains, but I expect them to trade lower soon.

This is the first selling we're seeing since the 'rally' (/oversold bounce) started. The question remains, will the Monday low hold, can we go higher from here, or is this just the beginning of a new sideways trading range (like what happened in August)?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Gold and silver got hit hard when stocks started to drop. The same story for oil which was up over 2% at the start of the session. It gave back all of those gains (and them some), down 1%!

The euro is still trading in an upward moving channel since last Friday. Not sure how much further this bounce will lead us. 1.27 looks like a good target. Although with today's price action, the euro might only trade lower from here on.