Wednesday, March 6, 2013

New Highs, But Overbought

Indices made new highs early on in the session, but the market is becoming overbought. That resulted in a pullback towards noon, then another shot at the high of the day and a pullback towards the low in the last hour. Still a bullish look on the daily charts and most indices made new highs (except small caps, but they are getting close).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Finally a small bounce for gold and silver. But copper didn't do well.
And neither did the euro or oil, they both lost near 0.45%.

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