Thursday, December 19, 2013

Are Bears Finally Giving Up?

Major indices barely pulled back, although small caps lost 0.8%. But other indices closed only mildly lower, giving bulls hope on new highs tomorrow or next (holiday) week. Today was mainly consolidation. For tomorrow, expect a possible new high on most indices to end the week strong.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro pulled back a little more and is now trading at 1.365.
Oil finally broke higher and went over $99 intraday. Bullish pattern here, but a close above $99 would confirm.
Metals had a bad day with gold going to new lows. Copper lost 0.6%, gold was down more than 2% and silver dropped over 3%.

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