Tuesday, September 25, 2012

Finally A Move, To The Downside

After some morning strength, the tide turned near midday. Soon we had a 1% move down, all the way to the close of the session. The Dow did a bit better (or not that bad), tech and small caps lost more.

On the daily charts we see bearish engulfing candlesticks for all the major indices. That's a sign for the bulls to get out long positions or at least hedge these positions/take partial profits.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, metals, oil
Unlike the damage in indices, the euro and metals stood firm. Only silver was hit a bit harder.
That also goes for oil, down 0.8%, but still doing better than most major indices.

I will be on holiday starting tomorrow. That means no blog posts until next week Thursday.
(Just now things are starting to get interesting, I know...)

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