Wednesday, October 17, 2012

Momentum Starting To Drop

Indices rallied the first half hour of the session, had a deep pullback in the afternoon, but got back up to the high of day before the close. So far, still bullish action.

Some words of caution though, tech and small caps are running into trendlines that may act as resistance. Today was a nice day of rest after two great updays. It probably was time for the market to let of some steam.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Copper and silver were performing great, gold not so much (breakeven).
Oil got nowhere, still trading near 92, but it looks ready for higher prices.
The euro made another good move. After clearing 1.30 yesterday, it jumped over 1.31 today.

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