Lower High

Indices got punished today. The Dow and S&P500 kept losses under 1%, but tech and small caps lost over 1.5%. But underneath it was much worse. There was a massacre in recent momentum names that were already losing big the last couple of weeks and many names dropped well over 5% today! LNKD, WDAY, Z, UBNT, TWTR, P, VIPS... to name a few.

On the daily chart one can clearly see the lower highs in tech and small caps. But if we keep going down, the same could be true for the Dow and S&P. And then it can get interesting, because maybe we'll still get that correction everybody was expecting a couple of weeks ago (of course, with the bounce we got last week, everybody forgot about that...)

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still not moving. It's going sideways between 1.38 and 1.385 for two weeks now.
Oil made new lows for the week and is almost back at $100.
Metals were mixed with copper and silver about breakeven and gold up.


Have a great weekend!