Wednesday, November 27, 2013

Tech And Small Caps Still In Control

Tech and small caps were leading today, with the Dow and S&P500 trading sideways again. Almost an exact copy of Tuesday. The market is closed tomorrow and Friday will be only half a trading day, so the action then won't be much different from the last few days. Typical holiday trading I guess.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro tried to take out 1.36, but ended back at breakeven. Almost an inverse hammer on the daily chart, so a possible short-term top is in place. Wait for confirmation tomorrow if the euro trades under today's low.
Oil had a very bad day, losing another 1.5% and finally breaking out of a range that lasted about 4 weeks!
Metals all went lower. Copper and gold were only mildly down, silver lost almost 1%.

Remember: no trading tomorrow, see you on Friday for half a trading (holi)day.

Happy Thanksgiving everyone!

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