NFTRH; Multi Market Update

Gold stocks are down again today and it is now decision time (for the sector if not individuals).  That is because the parameter is to not make and hold a new low to the May low on a closing basis.  We noted that a bounce is possible and if it is going to happen it should happen around here, at the May low with a similar over sold RSI.  Either that or it would be broken with a lower low (that does not reverse quickly).

hui

On the macro, the Gold-Silver ratio and USD continue to rise together and China demand concerns are in the headlines.

The ’25’ are losing not only a short-term support level but recall that it is a longer-term decision point as well; between big bull potential… or its opposite.  The daily is not good.

fxi

The item I am already short on, the EM’s are making a lower low to August.  Considering the breakdown vs. SPY, this seems like a solid bearish situation and could be setting a new downtrend with the lower low in nominal terms now.

eem

As you can see, the headline indexes in the US are far from bearish still.  A lower low to last week’s low could get some bearish stuff going in SPX and NDX.

spx.ndx

Meanwhile, the RUT is getting more bearish as it loses the moving averages that I thought it might try to bounce from.

rut

That’s all for now.  I just wanted to provide a brief snapshot of a few items for perspective.