Wednesday, September 5, 2012

Extended Summertrading?

The last couple of days still feel like summertrading, only with a little bit of extra volume.
Regarding the major indices; today's range fitted inside the range of the previous candle, making it an inside day of course. Only small caps had a slightly higher high.

We're still in a consolidation phase, but with Draghi speeching tomorrow and Friday's job report coming closer, a move up or down is bound to happen one of these days. But what direction will it be?

5m-charts SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Gold & silver needed a rest. But copper was lagging the others and broke out today.
Oil ended just above breakeven after being down more than 1%.
The euro is trying to break the 1.26-level again. The daily chart of the currency has a bullish look to it.

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