Friday, May 9, 2014

Inside Candles

Most indices are printing inside candles on the weekly charts. And the story isn't very different on the daily charts. Slightly lower lows were made in most of them. Small caps even came close to the low of the year while the Dow and S&P500 are not far from the high of the year. It will take time before the love for momentum stocks returns, but they can be interesting to trade for a bounce.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro has been beaten down two days in a row. From 1.40 back down to 1.375, bearish. Looks like the currency is slowly starting to roll over. If that is the case, 1.35 is first support to come.
Oil is tagged to the $100-level.
Copper moved higher, but gold and silver were almost flat/down a bit.

Sunday I leave on holiday for more than two weeks. South-Africa (Krugerpark), here I come! :-)
No blogposts during that time, the next one will be 27th or 28th of May.

Have a great weekend!

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