Friday, March 7, 2014

Time For That Pullback?

After four weeks of gains, it's starting to look like the market can't digest these overbought conditions any longer. Today, indices went higher in pre-market due to the NFP-report. But soon after that, prices started dropping to end near breakeven for the Dow and S&P500. Small caps followed with small losses and tech was lagging again, just like yesterday.

Some sideways consolidation or a pullback would be healthy. I'm not sure we'll see much new highs next week. Rather a sideways range near these levels.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro didn't move much but tried new highs. 1.39 is resistance.
Oil moved 1% higher to $102.50.
Metals had a bad day. Gold lost less than 1%, but silver was down almost 3% and copper even more than 3.5%!

Have a great weekend!

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