US equities remain moderately mixed. Meanwhile, the precious metals are having issues, Gold -$2, with Silver -1.1%. The gold miner ETF of GDX is currently -0.5% in the $21.60s. With Silver and the miners having sustainably broken core rising trend, gold can be expected to follow.
*I highlight the bigger weekly cycles to give some perspective.
Gold: still above core rising trend... the last hope for the gold bugs.
Silver: a fractional break of trend in May, settling under in June, and breaking new lows in July. Ugly.
GDX: following silver, with fractional breaks in May/June, and now decisively under trend.
I acknowledge price structure could be argued is a bull flag - that stretches back to around February, but still... we do have a clear break of trend in silver and the miners. On balance... gold will likely follow.
Equity update, sp'60min
Cyclically due a bearish MACD cross tomorrow morning. At minimum, a retrace to sp'2435. For a net weekly decline.. the bears need <2525.. which is interestingly the lower end of the gap zone. The key 50dma will offer big support tomorrow around 2419/20.
bonus chart... AMD, daily
Some of the semi stocks are having real issues.... NVDA and MU are following. A cyclical rollover is underway, with a viable big move tomorrow or Monday.