Indices made new lows today, but a strong afternoon rally made up for most of the losses. Unfortunately for the bulls, they couldn't hold the gains and gave a lot back in the last hour. The daily ETF-charts are printing doji's, which points to indecision. Nonetheless, at these oversold conditions, this looks like a short-term opportunity to go long for one or more days if we can break today's highs.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
The euro managed to close breakeven and oil even made nice 1.4% gains.
Metals had another bad day after that bounce last Friday. Copper and silver were down about 1.9-2.2%, gold lost 0.8%.
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