Wednesday, December 19, 2012

I Hate To Say, I Told You So

It was to be expected that indices would take a breather today. They traded level with yesterday's close for the first half of the day. Then indices started to drop lower, but still no harm done. It was a weak close though, especially for the Dow and S&P500.

Everything is looking very constructive at the moment. So far, daily charts are making higher highs and higher lows since 11/16/12 => bullish. But we can't keep rising at this pace...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro had a great run during the last 8 sessions, but today's inverted hammer on the daily chart points to a short-term top.

The same goes for oil, it moved really well the last 5-sessions, but is now at a resistance level and despite the nice gains today (over 1.5%), caution is necessary for oil-bulls.

Metals had another bad day. Actually, they're having a tough week since Friday.

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