Wednesday, January 9, 2013

More Consolidation

Major indices are still trading in the same range they were in since the first day of this year. With lower volumes on these consolidation days but big volume on the move higher, this looks bullish so far. But until we close outside these ranges (up or down), I'm not taking bets on longs nor shorts.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
None of them really moved much. Most were trading just under breakeven, except for copper (just above breakeven).

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