Tuesday, December 17, 2013

Sideways Action

Major indices moved mostly sideways and all closed near breakeven. So still no clear sign in which direction the market is heading, but the setup looks more and more bullish. Look for new highs for the week and a close near that high. It could happen already tomorrow (where is my crystal ball?)

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro keeps basing under 1.38. So far, still bullish.
Oil pulled back a little bit. No edge between 96.5 and 98. Look for a close outside that range.
Metals: gold pulled back almost one percent. Copper and silver were smaller losers.

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