Thursday, September 26, 2013

No Man's Land

Indices are trading practically sideways for the last coupe of days. But with none of them closing strong, bulls have something to worry about. Actually, this is the sixth consecutive day for the Dow and S&P without a close in the upper half of the intraday trading range.

It looks like new lows are a possibility. We're touching these support levels way too often to be healthy. But until that happens, bulls nor bears have an advantage. Bulls want the S&P back above 1700 for a possible continuation of new highs. The close wasn't all that bad, but definitely not good enough to have a clear view. Once the Dow and S&P bounce, expect tech and small caps to make new highs right away.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still hovering near 1.35...
Oil has 102.20 as support for three days now. The key level to watch! Finally a good close, that might get bulls hopeful.
Metals were once again a mixed bag. Copper up nearly 1%. Gold down almost 1% and silver down as well.

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