Friday, August 30, 2013

Indices Testing This Week Lows... Again.

Most major indices were testing the lows of the week, and this for the third time (except for tech, but they came close). For the Dow and S&P500, the lows held, but small caps were very weak today.

The more often the indices test these levels, the weaker they become. And with an extended weekend ahead of us, anything can happen. Especially with the Syria-tension going on. Will there be a war and if so, when will it start? Factors that make markets very volatile, look at oil for instance. A 6% pop on Tuesday and Wednesday, only to drop back over 4% at the end of the week.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro managed to close above 1.32, but already went below that support level intraday.
Oil lost some more today, about 1%. But it's now near former resistance, which could turn into support.
Metals pulled back further, all down between 0.5% and 0.9%.

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