Wednesday, January 22, 2014

Once More, Tech And Small Caps Leading

While the Dow and S&P500 didn't move much, tech and small caps went slightly higher. They both made new highs, while the other major indices are still consolidating sideways. A nice setup in the S&P500 though, a decent rip/close higher and we're good to go for the next leg higher.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is more or less going sideways for three days in a row now. Without a bounce in the next few days, this is getting bearish.
Oil had a great follow-through day, up almost 2%.
Metals all went moderately lower, losing between 0.4% and 0.7%.

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