11am update - Precious metals massacre

Whilst the main equity indexes are holding moderate declines, the real action is in the precious metals, which have now taken out key support. There is empty air on Gold of $250/300 to the downside, and $6/7 lower for Silver. Copper and Oil are similarly sharply lower.


Gold, weekly

SLV, weekly

Summary

Without question...metals are arguably to be shorted for weeks..if not months to come. Huge downside ahead...and we have backup support via the Copper and Oil weekly/monthly charts.
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A chart I will highlight into the close...sp'weekly2, rainbow....

Currently still green, need 1570s for it to go back to blue! Its pretty important!
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VIX'daily3

We have a daily MACD cycle turn UP. This is good, and bears should look for the index MACD cycle to show a similar turn by the Friday close or early Monday.

UPDATE 11am...

We do also now have a MACD cycle turn DOWN on the indexes!

I still want to see a close in the sp'1570s to get those weekly charts back to a turn configuration though.

UPDATE 11.09am... rainbow chart for sp' goes back to BLUE !!!!!!!!!!!!!!!!!