Tuesday, September 10, 2013

Gap Up And Good Close

Indices gapped up at the open and then consolidated for most of the day. A close near the high of the day is bullish, so the bulls can't complain imho.

We had a good run the last few days, but the market is starting to get overbought. Also, we're now trading inside the same range we were trading in from the second half of July through the first half of August. So it seems very unlikely we'll shoot through this area without any resistance.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is consolidating under 1.33. Oil pulled back big: 2%. That makes a 3% loss in just 2 days.
And metals didn't do great either. Copper was only moderately down. But gold lost 1.6% and silver 3%.

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