The Dow gapped up but closed near the lows, just like the S&P500 and small caps. Tech couldn't even gap up. The result; while the Dow ended near breakeven and losses in S&P were mild, tech lost 1% and small caps were also down a lot more than the Dow and S&P.
This action was rather logical from a technical point of view. With the Dow near 16,000 and the S&P500 at 1,800, we are running into 'natural' resistance areas. Expect some shopping around right under these levels, or maybe even a pullback/correction. Too soon to say were we are now, no real signs of panic. But under the surface, some momo-stocks are starting to behave nervous and are breaking down. For example: Twitter and Facebook lost 6.5%, Tesla was down 10.5% and there are many more like those.
5m-charts SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
The euro is still holding the 1.35-level, but is coming into an area of resistance.
Oil went back to retest recent lows and looks like it will make new lows soon.
Metals all went down. Copper lost 0.5% and gold even more than 1% while silver dropped 1.7%.
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