Stocks Continue to Tumble

88

Stocks were rejected by the 10 day MA continuing the daily cycle decline.

88 spx

After yesterday’s bullish reversal stocks failed to form a daily swing low and instead lost the 200 day MA on a closing basis. By continuing lower that swings the odds towards today being day 21.

Gold is in its timing band for a daily cycle low. A break above 1163.80 forms a swing low, then a declining trend line break confirms a new daily cycle

89 gld

Gold is currently on week 16. Even if a new daily gold cycle begins, there is still plenty of time for one more failed daily cycle to conclude this intermediate cycle. I expect to see gold to break below 1141.60 to an confirm its yearly cycle decline.

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