Wednesday, May 29, 2013

Bears Lurking Around The Corner

Indices came close to retesting last week lows. A break of those lows and bears might get the upper hand. But until then, bulls still have a chance.

We did break yesterday's lows, but the daily charts are printing a lot of hammers. Which could point to higher prices tomorrow. We're trading in quite a wide range since the last five trading days. Only a break of that range will point us to the direction the prices are likely to go next...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro gained nicely, but is still in that 1.28-1.30 range. Until it breaks out of that range, no bias in any direction.
Oil had a bad day. It gave back all the gains of the previous day and then some. Down about 2%.
As usual, copper was pointing in the opposite direction of gold and silver. Copper down almost 1%, gold and silver up close to 1%.

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