Wednesday, October 9, 2013

New Lows, But Nice Intraday Bounce

Major indices made new lows, then bounced hard and managed to make a high for the day in the afternoon (except for tech). But another sell-off in the last half hour, tried to shake out the weak hands. Still an ok candle on the daily charts. Looks like a short-term bottom is near, but bulls nead to hold today's lows!

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro pulled back towards 1.35 while oil lost 2% and held $101-support.
Metals also dropped big with gold losing 1.1%, copper down 2% and silver 2.1% lower.

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