Friday, July 26, 2013

Keep A Knockin' (But You Can't Come In)

The S&P500 afternoon rally was stopped at the same level as yesterday. That was after yesterday's lows got tested (and held) in the morning. As long as both this support and resistance-levels hold, I'm bullish nor bearish. A break and close below support or above resistance will probably show us which direction price is likely to go next.

Looking at the weekly charts of major indices, not much happened. We closed basically on the same level as last week and moved mainly sideways in a tight range. Anything is possible next week...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is consolidating right under 1.33. In the meantime, oil was knocked down again. This time without a big bounce to follow. It lost 0.8% and is now trading under $105.
Metals had a rough day. Gold not so much (breakeven), but copper lost 2.5% and silver almost 1%.

Have a great weekend!

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