Tuesday, November 5, 2013

Nice Bounce Of The Lows

Indices went downhill in premarket and continued to do so in the first half hour of the session. But then the market bounced strong and made it all the way back to breakeven or close anyway. Tech was leading today.

Overall, the daily charts look pretty bullish and we could soon see an attack of recent highs. The market has worked off overbought conditions by consolidating sideways for over a week now. Only small caps actually pulled back a little bit, but they also seem ready to go higher again.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro again found support on 1.345, but this time not such a great close. It needs to close back above 1.35 soon, or new lows will come (maybe tomorrow).
Oil once more made new lows and can't find any buyers it seems. It's closing in on the 92 support level.
Metals didn't move much. Small gains for copper and silver and a small loss for gold.

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