Friday, February 8, 2013

Breaking Higher

No blogpost yesterday, but we're back today!

After consolidating for more than a week, indices broke higher today. Nice day to pick out a move like that, a Friday. Anything's possible next week, but I'm betting on a lower opening on Monday and then price moves back to today's highs and consolidates or even moves to new highs. Whatever it will be, no need to call for a top now, momentum favours the bulls.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
After a big drop yesterday, the euro tried to stabilize just above 1.335.
Oil didn't move much, it needs to hold above 95 for the bulls to stay happy.
Gold and silver didn't move much either, only down a bit. But copper went up almost 1%.

Have a great weekend!

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