Tuesday, July 2, 2013

Indices Starting To Look 'Tired'

After a good move higher in the morning, indices gave it all back in the afternoon and even went below yesterday's lows. The market bounced in the last 90 minutes of the session, leaving most indices with small(ish) losses or breakeven.

The daily charts of the major indices tells us there is lots of indecision, with all these doji's lately. We had a good bounce these last 6 trading days, but now the charts start to look weak as if we could turn back lower any day now.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Oil had another good run today, gaining 1.4% and coming close to 100.
The euro closed under 1.30 and looks like it could drop some more this week.
Metals all went down, with losses between 0.7% and 1.3%.

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