Wednesday, September 19, 2012

Consolidation For Indices, Oil Down Hard Again

And the consolidation continues. For the major indices anyway. Slightly higher highs, but the bulls need to push much harder to get another spike up.
More action in oil though, another big loss (-4%). Since Friday, crude oil lost about 9%.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is consolidating and bounced of 1.30 today. It needs to get back over 1.31 for the rally to continue.
Metals were 'resting' today, not much movement, only for copper (up 0.5%).
Another big down day for oil, as mentioned above.

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