Tuesday, August 27, 2013

The Heat Is On

Indices got smoked today and oil surged a whopping 2.8% on Syria tensions. The Dow lost over 1% and the S&P500 about 1.6%. But tech and small caps even lost 2% or more. How long has it been since that happened?! While the Dow and S&P500 went below the lows of last week, tech and small caps ended right on those lows.

Since the close didn't bring much of a bounce, I expect more new lows tomorrow. Bears are definitely in control at this point, no need to turn bullish just yet imho.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still consolidating under 1.34. Still bullish so far, but needs a close above this level soon.
Oil had a helluva day. Surging almost 3% higher to $109, near recent resistance.
Metals also went up. Copper gained a small 0.2%, gold went 1% higher and silver was up about 0.7%.

No comments:

Post a Comment