Friday, August 9, 2013

Not Moving

Markets barely moved in the last 3 weeks. Only tech went higher last week, but that's about it. So until this sideways range is finally broken to the up- or downside, we're technically in no man's land. Let's see if things can get going again next week.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro pulled back a little bit, but is still trading above 1.33. The 1.34-level is the next resistance to overcome.
Oil on the other hand had a huge bounce, gaining 2.5% and now trading near $106.
Gold wasn't up much, but silver gained 0.8% and copper moved 1.2% higher. Nice follow-through from copper after breaking 320.

Have a great weekend!

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