Thursday, January 23, 2014

Same Old Question: Pullback Or Start Of A Correction?

Indices gapped down on the open and continued to slide lower. But in the last two hours of the session, a nice bounce followed to lighten the damage. Still losses from 0.3% (tech) to 1% (Dow) occurred. The daily charts of tech and small caps still look ok. But the Dow and S&P500 are starting to look weak.

Any more downside and we could finally see a correction or at least a deeper pullback. But so far, no harm done.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro bounced big, gaining 1%.
Oil continued to go higher, but is slowly running out of steam. Now near 97.5.
Metals: while copper lost big (1.7%), gold and silver made nice gains.

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