Wednesday, August 8, 2012

Consolidating Near The Top Of The Range

A small gap down was bought and indices soon traded near breakeven. Price started consolidating and did so in a more or less sideways range for the rest of the session.

On the daily charts we can see that the trendlines are still holding for the Dow, S&P500 and Nasdaq. That's three days in a row. The longer this continues, the bigger the chance we'll pullback from these levels.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Oil acted strong in pre-market and at the start of the session. With crude supplies data coming out, much of the gains were given back and eventually oil ended in the red.
Gold and silver were trading near breakeven, while copper went down.
A loss for the euro, but the chart still looks short-term bullish above 1.23.

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