Monday, August 27, 2012

Uneventful Day

Not much going on with very tight ranges today, indices were consolidating after Friday's reversal.
After a small dip in the morning, new highs were made soon after. But then a long consolidation followed, only to see prices dive towards the session lows into the close.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Copper and gold made small losses while silver traded breakeven.
The euro ended near breakeven as well, but oil lost some terrain.

Oil made a huge reversal in pre-market, after almost touching recent highs overnight. Metals are starting to look toppy and could use some rest or a pullback... Many commodities are starting to look overbought and ready for a pullback.

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