Wednesday, January 8, 2014

Sideways Action

No big moves up or down, indices are basically consolidating or going sideways the last few trading days. Any brake higher or lower of this range, and we have a buy/sell-signal. Only tech is not trading sideways, but making a V-move.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro traded back under 1.36 and made new lows for the last couple of weeks. Still bearish short-term. Longer term this could turn out to be a 'buy-the-dip' pullback.
Oil dropped to new lows and is now at first big support, $92-92.50.
Metals all were in the losing corner. While copper and gold lost 0.5%, silver went 1.6% lower.

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