Friday, January 31, 2014

Bearflag Or Bottom?

Indices retested this week lows (with even lower lows in premarket). The close wasn't that great, so the question remains... is this a bottom or will it become a bearflag? Stay tuned for more next week. Personally, I believe will chop up and down near these levels for a couple of weeks.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro went to fresh new lows, and the lowest point since the end of November '13. Bearish!
Oil pulled back almost 1%, but short-term oil is still in an uptrend.
Metals: copper was down 0.8%, gold and silver didn't move that much.

Have a great weekend!

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