As mentioned on Fri, SPX downleg continues.
SPX bearish weekly chart strengthens: an important development.
GOLD / SILVER daily and weekly charts give bearish warning.
An important development.
Bearish daily charts:
Thanks to reader Bryan for enclosed Bradley info.
The Bradley Model indicates a rally until late July with more distribution and then downside until late January 2013 then a rally until late June 2013. The top of the market this year was the exact Bradley Model turn date which is impressive. Of course the move in commodities Friday is something to note. I have read a lot of articles and data which points to 2013 as being a possible long-term market top (Fibonacci spirals and cycle theory) This is probably the most interesting piece I have read although hard to prove with any accuracy:
Bradley model top is 07/28 and those have +/- 4 days accuracy so let’s see if it calls the top as well as it did for 03/16. Risk on sectors such as Basic Materials and Technology are lagging severely while money is funneling into Utilities. We have not yet seen a wash-out selling spree similar to previous years. The only wildcard is this being an election year so who knows what may be going on behind the scenes.