Thursday, May 23, 2013

Strong Reply From The Bulls

Indices went below yesterday's lows in pre-market and made a perfect bounce at the breakout-level from 05/14/13 (for most major indices). That means that we saw a big gap lower when the regular session opened, but price was able to get up again and touch yesterday's closing price (or even get over, like the Dow).

This is an interesting reply from the bulls. Let's wait for tomorrow if we'll see follow-through. With Monday being a holiday, that might as well not be the case...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro acted strong all day, not giving in much to the bears. It closed well above 1.29, but needs a close above 1.30.
Oil made a great bounce near the 92-level, the 05/15/13 low. Great recovery and closing over 94.
Metals were mixed with copper down big (1.8%), gold up big with almost 2% gains. Silver also strong, +1.7%.

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