Tuesday, March 18, 2014

Tech And Small Caps Taking Over The Lead

They were lagging yesterday, but today tech and small caps took the lead and moved higher, coming close to recent highs. Same goes for the Dow and S&P500. We saw a nice bounce the last two days. A third straight upday would be great and would bring most of the major indices probably into a resistance area (= recent highs). Interesting levels to watch later this week or the next. If we get there that is.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still going sideways right above 1.39.
Oil bounced back towards $99. $97 could be a double bottom and is the first important support.
Metals were all down today, with silver being the biggest loser (down >1.5%).

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