The 60 minute SPY chart (top chart), shows resistance around the 133 area. Prices moved through that level three days ago and have been rallying since. The daily chart (lower chart) shows that prices are now above the EMAs, and that the 10 and 20 day EMAs are moving higher. I would expect a small amount of profit taking to send prices a bit lower from here, probably to the 50% fib level or the 50 day EMA.
The dollar continues to move lower; it has now reached support at levels established in mid-march of last year. Prices are now in the "sweet spot" of Fibonacci levels from the May rally. The EMA picture is weakening, with the 10 and 20 day EMAs moving lower. Finally notice that momentum and volume are weakening as well.
The weekly oil chart is interesting. Prices are below the 200 week EMA and the Fib level from the mid-2011 to early 2012 rally. However, prices appear to be stabilizing right below the 200 week EMA. Also note the slightly positive reading in the CMF (just barely positive, mind you). It appears that prices are attempting to stabilize around the 85 level.
The daily chart shows that oil prices are consolidating in the 82.5-85 area. A move about 86 would probably be a good time to go long for a short trade.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.