Another Gap, More Upside For Indices

The session started with another nice gap higher. This time the pullback was less 'deep' than yesterday and the market started to move back higher during lunch. And it kept going until the last 20 minutes. But opening and close are often more volatile than the rest of the day.

Daily charts show decreasing volume and prices are getting close to the upper trendlines (see daily charts below). That volume could point to weakness from the bulls. As soon as they take profit, the selling can continue and bears will have the upper hand again. Also, the gap from 6/20 is coming in sight. Watch price action closely when (if) we get there.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro had another bad day, dropping to 1.30. If that level doesn't hold, 1.285-1.29 will be next support.
Oil closed almost breakeven after a big intraday bounce under 94 (creating a big green hammer).
Metals had another ultra-bad day. Copper was not that awful, down 0.7%. But gold lost over 4% and silver even more than 5%!