Gaps across the board this morning. The major indexes are attempting to breakdown out of these consolidations since the August lows. We’ll know soon if these “Bear Flags” that we’ve been discussing will actually come to fruition. If theses lows do not hold, then 1020 is probably in the cards for the S&P500 ($SPX).
Copper, one of our favorite leading indicators, is in a free fall with no bottom in sight. $JJC is the ETF that we’re currently watching and it’s much much lower this morning.
The Prices of US Treasuries are up across the board. Yields are making new lows. $TLT $IEF $TNX
Gaps lower in Gold and Silver this morning as well. $GLD $SLV
The “Risk-Off” trade is on in full force this morning. Not sure the last time I saw so many gaps in one day.
We’ll take a look at all of the these major indexes at the end of the day and judge the chart damage that has been done since yesterday at 2:15PM.