Monday, October 14, 2013

More Higher Highs After Pre-Market Weakness

The session started with an overnight gap lower. But after some consolidation, indices soon traded higher and kept rallying throughout the day. This is the third day in a row with higher highs and higher lows. A nice rally, but after three days and 65 points in the S&P500, it's time for some rest.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro tried to attack 1.36 again, but couldn't hold the level. It's bouncing, but not like indices. From the other side, it didn't pull back like indices either.
Oil didn't move much, still going sideways between 101 and 103.
Metals tried to bounce but couldn't hold, except for copper. Nice gains here, going up almost 1%.

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