Wednesday, April 23, 2014

Weakness In Tech

While the Dow and S&P500 didn't pullback that much, small caps lost over 0.5% and tech dropped about 0.8%. The weakness in tech could point to a short-term top for this index. But it doesn't seem likely that tech would pullback while others trade sideways or higher. More and more divergences lately (feeling toppish?)

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro can't get away from 1.38. Another stab at 1.385 today, but couldn't hold...
Oil went sideways, trying to stop the drop.
Metals were little changed.

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