Friday, January 17, 2014

Bears Try, But No Conviction

Most major indices went up and down near yesterday's high and low levels. But in the last hour of the session, those lows didn't hold anymore and we soon went down. But a bounce in the last 15 minutes stopped the drop.

With tech the biggest loser at -0.5%, nothing to worry about. But it's almost three weeks that the Dow and S&P500 are trading in a range (with a fake move lower this week). Tech and small caps are outperforming with a breakout higher this week (albeit a small one). A bullish sign?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro broke lower and is now sitting at the lowest level since the end of last November.
Oil was trying new highs, but closed only slightly green.
Metals were mixed with a small loss for copper and almost 1% gains for gold and silver.

Have a great weekend!

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