Tuesday, July 23, 2013

Tech Lagging More And More

If there's one divergence in the market recently, it's tech lagging big time. In a healthy rally, tech leads. After some bad earning reports here and there, this is no longer the case. The question we need to see answered is this one; is tech lagging in this rally, or is tech leading the other indices into a pullback/correction?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro finally closed above 1.32 and looks ready for more (upside). Next target: 1.34.
Oil pulled back in the morning to $105.5 where it bounced hard to close over $107, back in the green (creating a hammer-type candle with a large wick).
Metals: silver was breakeven after yesterday's huge move, but gold and copper continued to surge higher. They were both up 0.7-0.8%.

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