Friday, August 10, 2012

More Boring Consolidation

The session started with down-gaps on all major indices. Within the first hour, indices started trading back towards yesterday's closing levels. And right under there, price stalled and began forming a tightening flag (see 5m-chart SPY, an almost perfect example).

The eventual breakout followed but without any conviction/volume. However, in the last 20 minutes, volume started pouring in and price shot up some more. Indices closed in the green for a relatively small gain this week, while creeping closer towards previous year highs made in April. But mind the volume, it sucks, summertrading or not.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Copper had a bad day, down 0.8%. Silver and gold traded near breakeven.
Oil went down hard in pre-market, but started to recover nicely in the afternoon and ended breakeven (creating a hammer-like candle on the daily chart).
The euro bounced on the 1.225-level and is now stuck to 1.23.

Have a great weekend!

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