Tuesday, January 21, 2014

Jittery Moves

Yesterday, US markets were closed for Martin Luther King Day. But today we're back in action.

Indices moved jittery intraday. The Dow and S&P500 made a lower low, but tech and small caps didn't. An important divergence that comes on top of the fact that tech and small caps made new highs today. Interesting to see if this leads us to a new leg higher or not.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is trying to stay above 1.35 and succeeding so far.
Oil made a (small) move higher, breaking 95.
Metals: copper was near breakeven. In the meantime, gold lost almost 1% and silver was down close to 2%.

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