Friday, March 14, 2014

No Bounce

There is good news and there is bad news. The bad news, indices went below yesterday's lows (except for small caps, the only major index closing green today). The good news, only small losses today, not another >1%-day.

Eying the weekly charts, I see some bearish engulfing candles, but also a higher high this month. A lower high on the weekly would get me worried. But for now, I'm only expecting a pullback, not a correction.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro closed back above 1.39 while oil bounced some to the $99-level.
Gold and silver made good gains while copper closed breakeven.

Have a great weekend!

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