Monday, July 15, 2013

Bulls Keep Charging, Especially In Small Caps

No spectacular moves, but new highs nonetheless for the major indices. Albeit on low volume. The Dow and S&P500 are at resistance levels, namely the highs from the second half of May. Tech and small caps have already blasted past those highs. Especially small caps were leading this rally. We're getting very overbought here, bulls are starting to run out of breath.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro traded breakeven, 1.30 support is holding so far.
Oil moved back to the upside of the range, created the last 4 trading days. Looks almost ready to move higher.
Not much happening in metals. Copper and gold breakeven and silver slightly higher.

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