Friday, February 28, 2014

New Highs But A Weak Afternoon

Indices made new highs right from the start of the session, but gave back all gains in the afternoon. A bounce in the last hour made the Dow and S&P go back in the green, but that was not the case for tech and small caps.

The weekly charts are still looking ok, but momentum is waning after a very strong February. Zooming out, the monthly candles all look very convincing that this is rather the start of a new leg higher than anything else. However, a (small) pullback would be healthy.

5m-chart SPY:



Daily charts DIA, SPY, QQQ and IWM:



Euro, oil, metals
The euro rocketed higher and is now trading at 1.38.
Oil is still stuck between 102 and 103.
Metals all made minimal losses.


Have a great weekend!

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