A lower close in the S&P 500 today would mark the 7th day in a row that this index has closed lower. This would be very unusual and probably set the market up for a rally or a dead cat bounce in the next day or two. This market is now trading well below its 200 day moving average. However, the same cannot be said for the Dow Jones index which is just above its 200 day moving average.
Gold moved to new highs today, and it is in an area that we feel is an intermediate target zone between $1,640 and $1,650. We would recommend taking partial profits on long positions, but not getting out of all positions.
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