Monday, August 19, 2013

Looking For A (Short-term) Bottom

Indices went for more new lows today. Except for tech that is, Nasdaq even made higher highs than Friday.

The market is getting oversold and a short-term bottom might be just around the corner. Most major indices are closing in on important support-levels (see daily charts).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still trading sideways, just like oil.
Finally the rally in metals came to a halt (for now anyway). Some consolidation or a pullback would be healthy, especially in silver!

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