Friday, May 24, 2013

Not Much Happening

With a 3-day weekend ahead of us, not much was happening in the markets today. Most indices traded inside yesterday's range with a gap down on the open. Some morning weakness followed and then a slow grind higher. Indices closed near the high of the day.

So far it looks like there is still a chance we're going higher next week. Maybe even to new highs, who knows. But if we can't hold yesterday's pre-market lows, we could soon be losing 3% before we find support (160 in SPY for example).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Not much movement overall... The euro traded near breakeven and oil and copper fell little.
Gold lost a little more (just over 0.5%). Silver was the only 'big' loser, down 1.3%.

Remember, no trading on Monday (Memorial Day)! Have a great weekend!

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