Friday, September 20, 2013

Ugly Reversal

Indices didn't do well today. That is to say, the Dow and S&P500 both fell over 1% and are near or below the lows of Wednesday, the day everything shot higher on 'no taper'... A bearish scenario for the bulls. But there's still hope, tech and small caps performed a lot better and underwent smaller losses.

The weekly charts for the major indices are starting to show some less attractive candlesticks, next week we could see more consolidation or a pullback.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro managed to stay above 1.35, but oil dropped another 1%.
Metals had a very bad day with copper losing 1%, gold almost 3% lower and silver down well over 5%!

Have a great weekend!

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