Tuesday, September 11, 2012

Sideways Action, Still Bullish So Far

Today was the third day of sideways consolidation for the major indices. That's not taking Nasdaq into consideration, since tech pulled back on Friday. So far the action is bullish, indices are not at extreme overbought levels at all, so this price action could continue for a while. But since most indices are trading in the upperside of their ranges, caution is key.

5m-chart SPY:

Daily charts DIA, SPY, QQQ, IWM:

Euro, oil, metals
The euro had a good day, breaking above the 1.28-level already and it seems on it's way to 1.30.
Also gains for oil, gold and silver. Copper was up as well, but only little.

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