Friday, May 2, 2014

Fake Move

The NFP-report was a positive surprise, but a fake breakout was all it brought. Indices tested the pre-market resistance levels again early in the session, but soon after that everything went south. The major indices ended the session not far from breakeven.

After a rather bearish candle last week, the weekly charts are now starting to look bullish again. We might see new highs for Dow and S&P in the next few weeks.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro closed breakeven and looks more and more ready to attack 1.39 again.
Oil was up a little bit, still near $100.
Metals had a great day: gold was up 1%, copper over 1.5% and silver even 2%!

Have a great weekend!

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