It’s Official, We Are In A Bear Market For the S&P 500

How much further do we have to go on the downside? That’s a legitimate question, however, with Bear markets they tend to persist longer and take more pain than most investors are willing to sit through.

As you know from watching our videos, we are projecting lower levels for the S&P 500, as well as the banks and financial institutions. Those moves on not over yet.

In today’s presentation, we will be talking about three markets that are in the news. This will be a regular feature and we will try to bring you information that is timely, informative and educational. We will be talking about stocks, the Forex markets, and the futures markets.

The gold market put in a large reversal to the downside today which reflects our -55 Chart Analysis Score. When you see Scores in this range with our Trade Triangle technology, it indicates a trading range. A close today below $1,618.80 will represent a new low closing price for gold for the last several months.

I think most traders would be better off just watching from the sidelines until the volatility subsides. Only long term traders should maintain long positions with the appropriate money management stops in place.

December gold futures closed down $42.90 an ounce at $1,614.50 today. Prices closed near the session low today and scored a bearish "outside day" down on the daily bar chart, whereby the high was higher and low was lower than the previous day's trading range. Bearish "outside markets", lower crude oil and a firmer U.S. dollar index, did help to pressure gold today. Gold market bears have gained the slight near term technical advantage.


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