Friday, February 21, 2014

Rather Boring Week

Indices didn't move much today. In fact they didn't move much all week. Only small caps managed to make new highs after small gains today. The market is consolidating since the two previous weeks brought big gains (and a steep rally).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro seems to be building a bullflag.
Oil pulled back towards $102. Not a bad week for oil. Six consecutive weeks of higher highs so far.
Metals didn't move much. Small gains today. On the daily chart they might be building bullflags.

Have a great weekend!

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