Forget about what I said yesterday. Or this is a huge bull trap, or the market is making new highs soon. Whatever the result, the Dow is already making new highs! And that is the only consolation for the bears. That big caps are leading right now, and not tech or small caps. But you never know how quick that can change... Yesterday my money was on the bears, now I favor the bulls. But it's still fifty-fifty here.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
Finally some upside for the euro, now closing over 1.31.
Oil also went up, but only little. Between 92 and 93.50, anything is possible.
Metals had a bad day after the bounce of the last couple of days. Copper was down a bit, but gold lost over 1% and silver dropped even 1.4%.
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