Tuesday, July 16, 2013

No New Highs?! Call 911!

Actually, tech did make new highs, but only just. Indices now finally seem ready to rollover and pull back. And that would be healthy, we are very overbought here with big gains in indices for the last three weeks. Plus the fact that the Dow and S&P500 are at resistance (May highs) doesn't help the bulls short-term.

5m-charts SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro broke back above 1.31 for the first time since that spike last week. Looking bullish, but needs to close above 1.32. Oil on the other hand pulled back some, now under $106.
Metals: gold and copper were doing fine, both up. Silver closed with small gains.

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