Tuesday, November 13, 2012

Double Bottom? Not Yet...

Futures didn't do well in pre-market and the session opened with a big gap lower. But after 90 minutes, indices made up for the losses. S&P500 for example went from -0.7% to +0.7% in that time frame of 90 minutes. The daily charts are starting to look more and more like a (short-term) bottom is in the making.

But for a bottom to happen, the bulls need to hold on to their gains. And today, once more they weren't able to do  that. In the last hour, the selling began and prices went back in the red. Indices closed near the lows, which is nothing helping the bulls.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Not that much movement in these. But they all give the feeling that a move higher is in the books. Should happen this week. Today's early action was helpful for the bulls. Gap lower and buyers stepping in. But then they gave it all back...

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