Wednesday, August 7, 2013

More Downside And Then A Bounce

Indices made new lows for the third day in a row. But after hitting the low of the day early on in the session, price went up, all the way back to the morning highs (except for small caps, they lagged today). As a result, most major indices are printing hammers. A break of today's highs is needed tomorrow to confirm we're at a short-term bottom. In other words, that would mean 'they' bought the dip again today.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro and metals made minor gains while oil lost another percent. Oil needs to hold $103 (it's now trading right above $104) or the recent highs will resemble a double top-pattern.

No comments:

Post a Comment