Monday, November 26, 2012


Today was mainly a day of consolidation for the Dow and S&P500. Both kept trading inside Friday's range. Tech and small caps however, made new highs, albeit by only 0.4%.

After being up several days in a row, indices could use a little more rest. Even a small pullback would be constructive for the bulls. But if we turn lower hard, another lower high would indicate a continuation of the downtrend.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro and metals all traded close to breakeven. Oil on the other hand lost 0.5%.

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