Friday, August 24, 2012

Bouncing Nicely

What a bounce today! Except for small caps, the major indices all printed bullish engulfing candlesticks on their daily charts. But we need confirmation next week, and preferably new highs by the end of the week to keep the rally going.

On the weekly charts we see mostly spinning tops in the major indices (and a doji for the Nasdaq). This indicates a possible reversal or a move higher. But only a minor chance that we'll be trading at the same levels next Friday.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Doctor Market subscribed some rest for most of these. The euro, oil and copper made small losses. Gold traded near breakeven and silver was up 0.5%.

Have a great weekend!

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