Thursday, November 14, 2013

S&P500 Almost At 1800. A Short-term Top?

Fresh new highs for all indices but small caps. Actually, they lagged quite some today. Even tech was advancing less than the Dow or S&P500. Seeing tech and small caps lagging the other major indices on fresh new highs, that feels a bit weird. Another thing that is worrying, is the recent volume.

It seems to me that we're close to a top of this rally that started 10/10/13. With the Dow near 16.000 and the S&P500 near 1.800, a 'natural' resistance is nearby.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Not much movement in the euro, looks like 1.35 is big resistance so far.
Oil had a very volatile day. After making new lows, oil bounced 2% higher in just over an hour. Followed buy a pullback to end near breakeven!
Metals: copper was breakeven, but gold and silver both gained more than 1%.

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