Friday, February 15, 2013

More Sideways Action

While the S&P500 and Nasdaq traded sideways for the whole week, the Dow made a small pullback and small caps moved slightly higher. But in the end, here's what happened this week: nothing.

We've seen a week of consolidation and anything can happen next week: a break higher as well as lower. But the technical patterns in the S&P500 and tech are rather bullish than bearish.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Gold and silver fell for the third day in a row. Gold was down 1.6%, silver 2.2%.
Copper is resilient and still breakeven. The euro also traded sideways, just above 1.335.
Oil on the other hand is starting to look bearish, a close under 95 would confirm a pullback. Today it lost 1.4% after bouncing good on 95.25.

We have a 3-day weekend ahead (Monday = Presidents day), enjoy it and see you back on Tuesday.
Have a great weekend!

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