Wednesday, March 27, 2013

More Sideways Action

This morning, we were staring at quite a big gap down. One hour before the close of the session, tech and small caps managed to close the gap, with the Dow and S&P500 lagging a little bit. So far, still no change in the bigger picture. Indices are going sideways for two weeks now, time for a break in the near future I guess.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is clearly not done printing new lows, now closing under 1.28. First support near 1.265-1.27.
Oil is doing the opposite, still climbing and now at 96.50. So far, a nice run this week.
Metals were all gaining. The biggest wins were for gold and copper, +0.4%.

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