A Week Of Sideways Action

Friday brought nice gains for the indices, but basically we're still in a congestion zone. We've seen a whole week of sideways trading so far. But the set-up looks good for the near future, higher highs could be right around the corner. Then again, a (small) correction wouldn't be unhealthy. Let's see what next week will bring.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is back at the 1.30-level and bulls are not giving up on this currency. Not yet anyway.
Oil had a great day, gaining 1.5% and looking to break above the 94-level.
Metals were mixed once more, a small loss for gold, a bigger one for silver and good gains for copper.


Have a great weekend!