Wednesday, October 16, 2013

Deal In Washington - The Market Rallies

Indices were doing well overnight and made good progress at the start of the session. But beside the run in the first half hour, most of the session was sideways consolidation. With gains of +1%, the indices are reacting positively to a deal in Washington.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still trading near 1.35. Needs a close outside 1.3475-1.3575 to get moving again.
Oil bounced good but found resistance at $103. Then followed a pullback under 102.5, but oil still ended up 1%.
Metals bounced well of the intraday lows, but no big break higher just yet.

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