Wednesday, August 28, 2013

Indices Bounce But Close Weak

Indices finally bounced today. But we got a weak close, what doesn't promise a lot of good for the days to come. More new lows could follow later this week if the market doesn't bounce better tomorrow.

In the meantime, oil spiked higher again overnight on more Syria tension and rumors about Iran and Russia striking a deal that could keep oil prices high.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still going sideways, 1.33 is first support, 1.34 first resistance.
What a day for oil! Overnight, it spiked another 3% higher to $112. But it ended the day for less than 1%-gains near $110. And after the pit close, price dropped some more giving back almost all of pre-market gains.
Metals were mixed. Gold ended breakeven, while silver and copper lost 0.6-0.7%.

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