Thursday, August 29, 2013

More Bounces, More Weak Closes

Indices managed to make higher highs, compared with yesterday. But the Dow and S&P500 couldn't convince with another weak close. They are still ending the day positive, but only just. Tech and small caps held better and made good gains of 0.7-1%.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Lots of red for all of these. The euro traded down getting close to 1.32. Under that level and a trend reversal is a real possibility. Oil pulled back towards 108.50. And copper and silver lost big (almost 2%), while gold lost over 0.5%.

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