Boy, it was ugly today. Late-day bargain hunting failed to materialize, and stocks and commodities slumped into the close. This is a set-up for more bearish action next week, though we’ll see if the plunge protection team pulls it together over the weekend.
First, a chart of the S&P 500 SPDR (SPY: 109.47 +1.01 +0.93%) …
The carnage was even worse in the Dow Jones Industrials, which was humbled by a wash-out in the big banks. All 30 Dow components ended down today, and put the Dow below important levels …
And gold also had a miserable day, as tracked by the SPDR Gold Trust (GLD: 122.29 +0.60 +0.49%) …
This is a set-up for gold to test its weeks-long uptrend, maybe next week or the week after. Then again, that test of the uptrend would be a great place to buy gold.
Have a good weekend.
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