Thursday, April 11, 2013

No Resistance Ahead

That's the beauty when indices print all-time highs. There's basically no resistance above and we might climb the wall of worry for some more time. But after this great 5-day rally, it's about time for the market to consolidate and rest a bit.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
More gains for the euro, now slowly passing the 1.31-level. Oil had a very bad day, losing 1.25% and dropping back towards 93.5. Gold and silver barely bounced after yesterday's drop. Both are looking bearish. Copper on the other hand is looking bullish, but only making small gains today.

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