Monday, August 12, 2013

Tech And Small Caps Still Strong

The daily charts for the Dow and S&P500 are starting to get a 'weak' look. They seem ready to rollover, and recent lows need to hold to keep the rally going. Tech and small caps are looking much stronger and were leading today (especially small caps). The daily chart for Nasdaq looks by far the strongest. But since all these major indices tend to move in the same direction, it is worth the wait to see what will break first: recent lows or highs?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro found some intraday support just under 1.33. Must try to hold this 1.33-breakout level or the currency could rollover.
Oil consolidated around the 106-level. Will it attack 109 once more later this week?
Copper didn't move much, but what a huge day for gold (+1.7%) and silver (+4.3%)!

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