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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