Tuesday, March 25, 2014

Inside Day

Most major indices moved inside yesterday's range or barely broke out of that range. Small caps were the only one not making gains. The others managed to make some progress.

The Dow and S&P seem to be stuck in a sideways range for about a month now. But tech and small caps are rather moving lower the last couple of days. Interesting to follow this divergence.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still bouncing up and down between 1.375 and 1.385. A red hammer today might proceed a break of that 1.385 level.
Oil was highly volatile today, going from 100 to 99, back to 100 and down to 99 again.
Metals: a big gain for copper today, almost +2%. A (short-term) bottom might be in. Gold and silver couldn't bounce and closed practically breakeven.

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