Breakeven

Indices moved in a rather tight range today, but moves were quite volatile nonetheless. Look at the 5-minute chart of SPY below. Price gapped up, went exactly to yesterday's lows and bounced back almost to the opening-level. In the afternoon we continued with a quick drop towards the low again and a huge rip up, exactly to the level of the afternoon top. Another volatile move lower in the last half hour to end the day near breakeven...

Weekly charts: last week printed red hammers in the major indices. But this week gives us bearish engulfing candlesticks, a sign that sellers are slowly taking control. Expect lower prices next week (although short-term, we are getting oversold).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro pulled back a little bit more, while oil lost about 1%.
Metals were all gaining between 0.5% and 0.9%.


Have a great weekend!