Jack  has offered to help out since I must do an important errand this morning and thank you to him. I will be gone around  10:30 to 12:00.

My take is we are going to 1108, and then could either go down for a breather or melt higher. Low volume Holiday gang so tread carefully.  In the meantime the bears should remain patient till further notice My take is we melt higher

Jack here, I’ve been having a close look at the index charts this morning as it seems that we might make an important top today. I’ll start adding shorts significantly at SPX 1105 & Dow 10350. I’m looking to the Dow for an entry point as it is in the best technical shape, but I’ll be shorting SPX and Nasdaq as they are already breaking down and lagging the Dow markedly. The Dow, as I mentioned, is in good technical shape, and is still cleanly within the major trend lines:

SPX has started to break down on the last downswing, but has still managed to climb back above the key lower trendlines. It seems unlikely to make it back to the top of the expanded wedge on this upswing though:

The Russell 2000 index is leading the breakdown, followed by $TRAN & Nasdaq. $RUT has broken both key lower trendlines, and looks likely to retest, and fail, at the lower of those trendlines, which is the expanded wedge trendline.

We will be making a swing high today or at some point in the next week. If Dow & USD break out of their expanding wedges on the next equities selloff, that will most likely signal that a very key top has been made.

Update on GLD chart looks like short term puts would be good