Tuesday, August 7, 2012

Ranges Are Holding So Far

Another gap up with new highs on rather low volume. Unlike yesterday, indices kept rallying higher until noon. Then price reversed slowly at first and gave back most of the gains.

The trendlines/ranges are holding so far on the daily charts. And with the two consecutive weak closes we got yesterday and today, a short-term top is likely to be formed soon. Two consecutive inverted hammers are formed on the daily charts for the Dow and S&P500 => bearish short-term.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Copper and oil made good gains (although oil gave quite some back). Gold traded near breakeven and silver was up some.
The euro is trading sideways and seems to have formed an inverse head-and-shoulders pattern from which it's trying to break out.

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