Thursday, March 13, 2014

Trend Day Lower

Really ugly bearish engulfing candlesticks on the daily charts, and with quite heavy volume as well. Or as they say, a distribution day. Feels like more downside is coming. But I wouldn't be surprised if we would go up again tomorrow. News driven markets aren't easy to trade. Any news on Ukraine can have a big positive or negative influence.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro first made new highs, but 1.395 was resistance and a reversal lower followed. The euro is now at 1.386.
Oil was going sideways all day long.
Metals: small gains for gold, small losses for silver and a 1.4% loss for copper.

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