We saw wild swings in the stock market yesterday. Prices reached 259.85, just a few ticks away from the 259 ABC measured target. The S&P 500 cash index formed an outside reversal day. Meaning prices exceeded both the high and the low of the previous session. That type of behavior is often seen near a turning point. Prices need to create a swing low or close above the 10-day EMA to promote an intermediate bottom.
Gold and Silver both slipped below their short-term trendlines. Each are trading below their 10-day EMA’s. I haven’t seen enough to confirm a breakdown, but prices are leaning that direction.
Metals and miners have been very inconsistent over the last 2-months. Follow-through in either direction has lacked. It’s been rare to see prices move in the same direction for more than one or two days. Consequently, I’m hesitant to anticipate a breakdown until it’s more or less confirmed.