Friday, July 20, 2012

Gap Down And Lower

No daily review yesterday due to circumstances, but we're back today!

The market gapped down today, making yesterday's candles look more and more like a short-term top. For the days/weeks coming, let's focus on that and see how this will play out.

The day basically came down upon a trendday down. Market ended near the lows and more downside is possible early next week.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Oil gave back a big part of the Thursday gains in pre-market.
The euro made new lows early on in today's session, trading back under the 1.22-level. The Spanish and Italian yields aren't helping the euro. Both countries are still in trouble and it might take several months before a solution becomes clear...

Copper, just like oil, had a bad day, losing over 2.5%. Early losses for gold and silver were erased, both turned green before noon.

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