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As expected, we have seen quite the sell off in the general markets. Oil & Commodities have been selling off too. Gold , Silver , And Precious metals are holding up, but are they ready to run now, or will they sell off? I actually spent a part of this weekend digging in to older charts and making some new ones, so lets take a look.
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While digging into older charts, I actually found this warning chart that I posted in April of 2015, when I said I thought we were seeing that rising wedge forming. Also by counting the months of the Bull market, we looked to be late in the bull. I am re-posting it because it had a logical target to me at that time.
SPY - We topped in May 1 month later. Now drop to Test the break out?
SPX - We broke the Aug lows Friday and recovered. This is a failure, but we can get a solid bounce soon. Lets discuss a couple of possible scenarios . One is a flash crash right now, the other is a believable rally that rolls over eventually.
Read MoreYesterday I saw a rather bearish development in Miners, so I immediately began doing research to see if what I was seeing was a major concern. I found something very interesting that happened in the past, and I will share that finding with you here, but first let me review Gold here.
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This was Gold in my last couple of reports, and I expected it to drop down and test the break out. As mentioned, Gold had a very bullish set up, and the C.O.T.remains bullish. Here is how it played out. I expected a back test.
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We got the back test, but Miners broke down as gold reversed higher. And with Gold then down pre-market, would this pattern hold up?
This was Gold at the close Thursday. We would like to see this triangle hold up, and so far so good.
What about the Miners though? What did I see that was concerning, and what did I find that I thought was important to share with you?
Read MoreI had this chart in my weekend report. After this weeks selling, it looks more and more like a reality, and not an illusion.
SPX CURRENTLY - I expected a bigger bounce this week, but the 2 day bounce was sold off yesterday. This is a break down and a back test.
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