Stocks Break Down
Last week I wrote about how the financials were weak and that there was a head and shoulders top forming in the S&P on the 60 minute chart. If you look at the above chart you'll see that the neckline has been broken and it appears that stocks are heading lower to my downside target of 1242 for the SPX.
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![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
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3 comments:
Nice work K-Dog.
Kevin,
i enjoy your blog. I believe it was last December when you made a great call regarding Natural Gas and the very bullish COT numbers. The commercials appear to be very long NG once again. Any thoughts on this sector heading into Fall?
Thanks,
Ken
Kevin,
Great call. As of Friday the S+P ran right back up to the breakdown point where it stalled (1292 at the close). I grabbed a BIG pile of SKF and am looking for a nice market sell off going into next week.
Keep up the great work man.
THANKS!
-Dave
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