Tuesday, February 4, 2014

Small Bounce

After yesterday's big sell-off (the fourth distribution day in 2 weeks), the market bounced today. But not that much, so anything is still possible. The daily charts show hammer like candles for today, but they would look more impressive/interesting when new lows would have been made. Now these candles are inside days, not that tempting for the bulls imho.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro went sideways at 1.35, which is first support and this level needs to hold or 1.33 is next.
Oil moves 1% higher. Nice setup for possible new highs this week.
Metals were mixed with copper and silver gaining well, gold slightly lower.

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