Tuesday, December 11, 2012

Fake Breakout?

Indices gapped up and rallied in the morning, only to give almost everything back in the afternoon. There was a good bounce in the last hour of the session (but not good enough). Daily candles still look bearish.

The daily charts look like the S&P500 and small caps had a fake breakout and the Dow produced a topping candle (reverse hammer).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
While the euro and oil made moderate gains, copper and silver fell back and gold almost managed to stay breakeven.

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