Monday, March 4, 2013

Nice Setup

The morning looked like we were getting a small pullback in indices, after the nice candles from Friday. But a small rally in the afternoon brought the market back to the highs of last week. On top of that, indices closed strong, with a high of the day in the last minutes for most of the major indices.

This market seems to be setting up for a new break higher. Nice consolidation so far, but still too early to tell what's next.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro, gold and silver didn't move much. All closed near breakeven. But copper did well, up 0.5%.
Still no bounce for oil though, now trading near $90 and it briefly went under the mentioned level.

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