Wednesday, July 17, 2013

Sideways Action

Tech and small caps managed to pull out some more new highs, but didn't close much higher than yesterday. Same goes for the Dow and S&P500; they closed near yesterday's closing levels and are still moving sideways. This points to consolidation or a short-term top.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro managed to close above 1.31, still looking bullish. Oil bounced strong on $105 this morning and closed near $106.50.
Metals all lost big today. Especially silver got hit hard, down more than 3%!

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