Monday, July 29, 2013


So far, most major indices are building a nice base, going sideways for well over a week now. Exception today were small caps. They were making new lows (since that bigger drop from the highs four days ago). This could imply a rollover and a possible retest of the 100 breakout level. How clean trading would that be: breaking 100, then 105 becomes resistance and later on a retest of 100. Two out of three so far, would that retest be asking too much?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still basing under 1.33. Needs to hold 1.32 and a break above 1.33 to keep the momentum going.
Oil was not able to get back higher with the market going lower. Or is it the other way around?
Only silver moved down big(-gish), minor losses for gold and copper was almost level with Friday.

No comments:

Post a Comment