The market refuses to break down for whatever the reason. I hope it completes the downward journey soon. Judging by the market action it seems an intermediate term top is close but unless we have the confirming price action, it is just a possibility.
We need close below 1400 in SPX to have the 1st confirmation of the down move. So close!
The big news today was the sell off in gold. If you remember, I went out of gold weeks ago and have advised readers to take profit in their trading position. I am still waiting for confirmation of the sell signal in silver. Here also, we are very close to the sell signal which will ensure that silver will re-test the lows.
Crude is in the topping process and a close below $ 87 is required to short it.
All in all, we are close but close does not mean much unless the deal is done.
So we need to wait for a day or two more.
Test of patience. In the mean time, keep the stop loss levels tight.
