Tuesday, June 5, 2012

Price Reversing Higher, For How Long?

Indices opened almost flat and price went up during the first hour of the session. Then a large base started to form, from which price broke in the afternoon. No big move, only a slow grind higher and in the last minutes of the session we were only trading near the morning highs.

There's still a lot to happen before we can say that the bulls are back in control. Patience will be key, it's not clear if we have seen the bottom yet or not...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Gold needed more rest but silver went higher, nearly 1%. Copper is trading sideways/breakeven.
Oil made small gains, not even close the pre-market high of 85. But that 's no real big surprise after the big bounce from the 81-level we saw yesterday.
The euro lost ground, but not too much. The chart looks like we finally have made a (short-term?) bottom. Wait and see...

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