Friday, July 19, 2013

Divergence Tech - Other Indices

What a bad day for Nasdaq, down more than 1% after some bad earnings reports. That's a huge divergence with other major indices that all closed near breakeven.

This is the forth consecutive week with a green close. Interesting to see after this big sprint higher, how much more bulls can get out of it before a correction/pullback follows.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro closed above 1.31 and now needs a close above 1.32 to get momentum really going.
Oil is at $108, but went to $109 earlier this morning. The daily candle is close to a doji and a close in the middle of the daily range will give the bears a bit of hope.
Metals all rose, with gold outperforming the others.

Have a great weekend!

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