Friday, March 28, 2014

Morning Strength Sold In Afternoon

The market started the session with nice gains early on, a nice rip higher in the first 90 minutes. But in the afternoon, prices started to crumble. Indices were showing inverse hammerlike candles.

So where are we, compared to the start of the week? The Dow closed almost breakeven and the S&P500 went slightly lower. A rather big move down for tech and a helluva big ugly red candle for small caps. This doesn't feel like the bottom, not yet anyway.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is trying to hold the 1.375-level. Might bounce here.
Oil tried to attack $102 but failed. A close above and 104.5 is next resistance.
Metals: huge gains for copper (+1.4%), but gold and silver closed almost breakeven.

Have a great weekend!

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