Thursday, January 31, 2013

Small Caps Not Giving Up Just Yet

Yesterday it was the index hit the hardest, today it's the only of the major indices going up. Small caps, went 0.7% higher while Dow, S&P and tech all traded just under breakeven. We're seeing lower lows on most indices, but only a small pullback so far. This could just as well be another sideways move for the next couple of days.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is making new highs, albeit only just. It's sitting right under 1.36.
In the meantime, oil is pulling back, but it bounced well near 97 this morning (the breakout point from the last bullflag).
Copper didn't lost too much, but gold and silver gave back most of yesterday's gains.

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