Wednesday, April 16, 2014

Confirmation Of A Short-Term Bottom

Today the major indices all gained about 1% or higher. This is confirmation that the previous 2-3 days were the (short-term) bottom. Still, there's lots of divergence on the daily charts between Dow/S&P on one hand and Tech/Small Caps on the other. The latter are closer to the lows of the year, while Dow and S&P aren't far from the highs of the year. I'm very anxious to see how that will play out in the coming weeks/months.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is closing breakeven after trying to move higher.
Oil moved to $105 but found big resistance at that level and closed near breakeven.
Metals: copper moved up more than 1%, but barely a change on the close for gold and silver.

Remember: tomorrow is the last trading day of the week (the market will be closed on Good Friday)

No comments:

Post a Comment