Tech As A Tell?

Indices made new lows today, but less dramatic than the day before. With losses between 0.9% and 1.5% the damage wasn't that bad. With the late action in tech in mind (price as well as volume), back then that probably was the most important warning to be cautious. The volume on the distribution days was really big as well, plus lower highs while Dow and S&P were trying for new highs...

But no panic yet, the VIX isn't up that much. The action looks similar to the one on both corrections in 2012. Maybe the weekly 50MA will come to the rescue, just like back then. Small caps are already testing the 200MA on the daily chart...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is holding on to 1.39.
Oil had a nice move higher (over 1%), only to give it all back in the afternoon.
Metals: gold and silver moved sideways, while copper tried to break higher.


Have a great weekend!