Wednesday, August 15, 2012

Going Nowhere

Another sideways move today (well, actually we're going up very very slowly, barely noticeable).
On the daily charts you see the Dow, S&P500 and Nasdaq still hugging their upper trendlines. As long as that lasts, I would call this a bullish sign. No big moves up or down and low volume (summertrading...), this could go on for some time as long as no negative news is brought on to the market.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Gold and silver had minor gains while copper had a minor loss.
The euro was down little, trading still near the 1.23-level.
Oil went higher and beyond the 94-level. A close above 95 would be bullish.

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