Tuesday, January 14, 2014

Big Moves In Tech And Small Caps

The market already bounced from yesterday's one-day-pullback (or are we gonna see a nasty reversal tomorrow?) Tech and small caps were leading with gains of 1.9% and 1.3%. Other major indices, but especially the Dow, were lagging today.

The daily charts of the Dow and S&P500 look like anything is still possible, but tech and small caps seem very bullish at this point. Wait for confirmation (a breakout) tomorrow or later this week.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still going sideways, couldn't move higher together with indices. Oil on the other hand gained almost 1%, but is struggling with the $93-level. A break above is bullish for at least a short-term rally.
Metals pulled back after yesterday's gains. Copper lost almost 0.5%, gold and silver dropped close to or over 1%.

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