Tuesday, June 18, 2013

More Conviction In Today's Move, But No Volume

Indices took off at the start of the session to rally all day long, except for a (small) pullback at the close. Yesterday's highs were broken easily but volumes were kinda low today. Summer trading? Bullish action today and finally a convincing close outside the flag-patterns formed during the last few weeks.

We could see previous highs being attacked later on this month or in July. Especially for small caps this looks to be the case. They need another 0.5% to break that 100-level (IWM).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro broke through 1.34... but that's about it. It barely got over that level and then went sideways.
Oil did better, gaining 0.65% and sitting right under 99.
Metals had a bad day, all losing 1% or more.

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