SP 500 September Futures Daily chart: It's Long Way to 1,000

Although stocks may break out of the trend and go higher, it is better than even odds that the SP fails below 1135 and drops down in a test of 1,000.

Gold Daily Chart; Silver Daily Chart; US Dollar Daily Chart

Gold Daily Chart

The cup and handle formation held intact, but the toughest part of overhead resistance is dead ahead, all the way up to 1212.



Silver Daily Chart

Silver looks to be on the verge of a breakout to the upside to test 19.20.



US Dollar Daily Chart

The dollar sliced through support like it was not even there. A test of 80 area support is in the card, and the dollar is getting short term oversold.

Mutual Fund Cash Levels Are at Bearish Record Levels

These sort of record low cash levels in the funds are generally indicative of a short term top in equities.