Friday, May 17, 2013

Consolidation Or A Top?

Most indices seemed to have consolidated on Thursday, but the action on tech was different... It was the only index making higher highs before pulling back. And so an inverted hammer printed on the daily charts, a possible sign for a top. Let's wait for lower lows tomorrow, which would confirm this thesis. In any other case, new highs are still possible.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
With the euro still near 1.29, not much has changed for the currency. Oil on the other hand made another good bounce intraday and ended 1% higher.
Metals seem to have found a (temporary?) bottom, silver bounced exactly on the April low.

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