Thursday, August 30, 2012

Moving Down Prior To Jackson Hole Meeting

Today's session opened with a significant gap down for the major indices. After dropping some more, the market started to get back on its feet. Indices almost managed to close near the opening levels if it weren't for a crappy close.

The daily charts (see below) don't look promising, price seems to rollover. Another gap down tomorrow and we could see a significant pullback. Is today a clue for what Wall Street is expecting from the Jackson Hole meeting?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
After a nice gap up, metals lost their overnight gains. Copper and gold ended near breakeven, silver lost almost 1%.
Oil went 0.7% lower after being down 1.5%, the euro is still holding the 1.25-level.

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