Another Day Going Mildly Higher

A sell-off in the morning was bought, only to get indices back near breakeven-levels. Tech was outperforming, thanks to AAPL which bounced +2%.

Almost every day we see new highs, but the last few days, there's no real conviction in the move. Several reasons come to mind. We're moving higher for seven straight days, so we are getting overbought. Price is near important resistance levels for some indices. With everybody buying, complacency is all around. As soon as some big institutionals start selling, we could go down fast due to panic selling. Plus, those that came late to the party have to cover their positions first. Often, that is the herd, so selling all at once could cause a bigger reaction lower.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro consolidated after Friday's nice breakout. Oil had a good bounce this session and is starting to look ready for that 97-level.
More weakness in silver and gold today. Copper was hanging in there, just in the green.