Wednesday, February 20, 2013

First Signs Of Panic

The first signs of a possible top are in. Big bearish engulfing candles in the indices are a tell. And a close right on the low of the day isn't helping the bulls at all.

I don't expect the market will go straight down from here. We'll probably go up and down near somewhat lower levels and then gradually pull back some more.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
All fell substantially. The euro dove under 1.33 and oil lost well over 2%.
Metals also lost big. From copper (-1.4%), over gold (-2.6%) to silver (-3%)!

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