Thursday, November 15, 2012

New Lows, But Bulls Showing Their Teeth

After some wild moves up and down in the morning, indices made new lows towards lunchtime. In the afternoon, a fast bounce higher followed. It all happened too fast, too high and indices tested the lows in the last half hour of the session. Another bounce followed, bringing Dow, S&P500 and Nasdaq close to breakeven. Small caps were lagging all day and closed with a bigger loss.

The bulls kept defending 135.2 in SPY (see 5m-chart below). The level was hit about four times but held. Bulls finally are showing their teeth. Maybe we'll finally see a higher close or at least a close at the high of day.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Copper and the euro went slightly higher, while gold and silver lost 0.6% and 0.3%.
Oil was a bigger loser, down almost 1%.

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