Monday, June 17, 2013

Failed Breakout?

Indices opened with a big gap higher, gained some more early on in the session and then consolidated for hours. Two hours before the end of the session, price dropped fast. But before we touched Friday's closing levels, a decent bounce followed.

On the daily charts, we see that the flag-patterns got broken to the upside. But the close today was mainly on the upper trendline of the flag, not outside of it. So technically a failed breakout. Maybe we'll see a second try tomorrow.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro looks ready to give that 1.34-level a try. Watch out tomorrow, it's make or break time.
Oil didn't do much. It touched $99 and then pulled back to 98. Lots of resistance near this level, so some consolidation here would be healthy.
Silver lost 1.1%, gold 0.5%. Looking at the daily charts, both are going sideways for quite some time. Copper closed almost breakeven.

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